Market Wrap: D-Street logs 7th straight loss on auto, IT sell-off; Sensex falls 61 points, Nifty below 24,700 – News Air Insight

India’s heartbeat indices Nifty and the BSE Sensex ended negative on Monday recording their seventh successive loss led by selling pressure in auto, IT and pharma stocks. The trade was lackluster as markets traded in a range.

Nifty ended at 24,634.90, down 19.80 or 0.08% while the 30-stock Sensex settled at 80,364.94, falling 61.52 points or 0.08%.

Top Gainers & Losers

Pharma stock Wockhardt stole the show with 15% surge despite selling pressure in pharma counters after reports suggested minimal impact of US tariffs on its drug called Zaynich. The reports said that the drug will be manufactured in Europe and exported to the US. The US-EU tariff agreement which puts a 15% cap on exports to US will benefit the company, the reports said.

While Nifty closed with minor losses, the breadth remained positive with 26 stocks ending in the green, 23, in the red and one remaining unchanged.

The top five Nifty gainers were IndusInd Bank, Titan, Hindalco Industries, State Bank of India (SBI) and Wipro while the five biggest losers were Maruti Suzuki, Axis Bank, Dr. Reddy’s Laboratories, HDFC Life and Eicher Motors.

Among 17 Nifty sectoral indices, 8 finished in the green while 9 in the red. The top loser was Nifty Media (0.85%) and was followed by Nifty Auto (0.18%) and Nifty Pharma (0.15%). Nifty IT fell marginally lower at 0.03%.

Expert View

Commenting on the current trends, Nilesh Jain, Head – Technical and Derivatives Research Analyst at Centrum Broking said that Nifty index has forming a high wave candlestick pattern, suggesting a potential pause in the ongoing downtrend though it continues to trade below all key moving averages, and momentum indicators and oscillators have signalled a bearish crossover on the daily chart. “With the monthly F&O expiry approaching, we anticipate continued volatility in the markets. While a pullback is possible, a decisive move above the 24,800 level is crucial to trigger a short-covering rally towards the 25,000 mark. On the downside, immediate support is seen at 24,600, followed by 24,500,” Jain said.

Global Markets

Asian markets displayed a mixed show with Japan’s Nikkei 225 index closing with declines of 0.7%. Meanwhile Hong Kong’s Hang Seng and China’s Shanghai Composite closed with strong gains of 1.9% and 0.9%, respectively.