05 May,2026 03:32 PM IST | Mumbai | mid-day online correspondent
While the Nifty 50 index settled at 24,032.80 points, the BSE Sensex closed 0.33 per cent lower at 77,017.79 points. Representational pic
Indian equity benchmarks on Tuesday closed in the red despite the market witnessing a sharp rebound in the second half after trading with a bearish bias in the morning. Investors assessed mixed global cues and sectoral trends amid the highly volatile day.
While the Nifty 50 index settled at 24,032.80 points, down 0.36 per cent or 86.50 points, the BSE Sensex closed 0.33 per cent lower at 77,017.79 points, declining by 251.61 points.
On the sectoral front, selective buying was seen in Nifty FMCG, Auto, and Pharma stocks, which managed to hold a marginally positive bias. On the flip side, selling pressure was evident in Nifty Realty, private and PSU banking stocks, consumer durables, and oil and gas, which emerged as key laggards.
The broader market showed relative resilience, witnessing mild buying interest. The Nifty Midcap index advanced by 0.17 per cent, while the Nifty Smallcap index gained 0.28 per cent, outperforming the benchmark indices.
The index formed a Doji candlestick pattern with a long lower shadow, highlighting buying demand at lower levels around the last two weeks' lows, around 23,800-23,900, as the index continues to consolidate around the 20-day EMA.
In line with our expectations, Nifty is witnessing consolidation in the broad range of 23,550-24,400 amid stock-specific action as we progress through the quarterly earnings session.
The consolidation index holding above the last two weeks' lows around 23,800-23,900 will signal an extension of the pullback towards the upper band of the range placed around the 24,400 level. A close below the last two weeks' identical lows will open downside towards the lower band of the range placed around 23,550 levels.
Short-term support is positioned around 23,550 levels, being the confluence of the recent major low and 38.2 per cent retracement of the last 3 weeks' pullback (22,183-24,601).
Expressing his views on the market position, Siddharth Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services, highlighted that Nifty is expected to consolidate in the near term, with markets likely to remain sensitive to developments in West Asia. While positive domestic macros, steady Q4 earnings and intermittent FII buying have provided near-term support, elevated crude prices, currency weakness and geopolitical uncertainties are key overhangs.
