The market fell for the second consecutive day on March 5 amid weak global cues, with the Sensex closing 440.76 points, or 0.87 percent, lower at 50,405.32 and the Nifty ending 142.70 points, or 0.95 percent, down at 14,938.10.
“The markets have had yet another day in the red. However, it has not broken the medium-term support range of 14,700-14,800. If we break that, we could travel south to levels closer to 14,400-14,500. If we bounce from these levels, we would need to get past the 15,300 level to move to higher targets of 15,500-15,600. Until then, the Nifty is going to be range-bound and choppy,” said Manish Hathiramani, proprietary index trader and technical analyst at Deen Dayal Investments.
All the sectoral indices ended in the red. The Nifty PSU bank index shed 4 percent and the metal index slipped 2.7 percent. The Nifty auto, IT and pharma indices were down a percent each.
Mid and smallcaps indices underperformed the main indices, with a loss of 1.5-2 percent.
IndusInd Bank, Tata Motors, Wipro, UPL and Hindalco Industries were among top losers on the Nifty. Gainers included ONGC, GAIL, Maruti Suzuki, Kotak Mahindra Bank and Hero MotoCorp.
Stocks & sectors
On the BSE, the metal index fell 2 percent, while other indices fell 1 percent each. However, oil and gas index ended with marginal gains.
A volume spike of more than 100 percent was seen in Sun TV Network, Mahanagar Gas and Wipro.
Long buildup was seen in UltraTech Cement, Kotak Mahindra Bank and Gail India, while short buildup was seen in Wipro, PI Industries and Cummins India.
More than 250 stocks, including Vedanta, Fortis Healthcare, JK Lakshmi Cement and Avenue Supermarts hit a fresh 52-week high on the BSE.
The Nifty formed a small bearish candle on the daily scale, with long shadows on either side, which indicates a tussle between the bulls and the bears.
The index continued to form lower highs-lower lows. “The Nifty has to cross and hold above 15,000 zones to witness an up move towards 15,150 and 15,250 zones, while on the downside, the immediate support exists at 14,800 then 14,600 levels,” said Chandan Taparia of Motilal Oswal Financial Services.
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