For the seventh consecutive session the benchmark indices Sensex and Nifty registered a decline on Thursday. The Sensex closed at 37,558.91 down by 230.22 points or 0.61 per cent while the Nifty closed at 11,301.80, down by 57.65 points or 0.51 per cent.
The broader market outperformed the benchmarks with the Mid-Cap down 0.19 per cent and Small-Cap down 0.38 per cent.
The sectoral indices on the BSE closed mixed with major fall seen in power (-1.24 per cent), oil & gas (-1.11 per cent), metal (-1.49 per cent) and telecom (-1.30 per cent) while the gainers included IT (0.43 per cent), realty (0.27 per cent), consumer durable (0.30 per cent) and FMCG (0.10 per cent).
Some of the top losers recently made gains like Yes Bank (6.47 per cent) and Zee Entertainment (8.40 per cent) on NSE while Index heavy weight Reliance Industries fell another 3.56 per cent.
Foreign portfolio investors were net sellers of equities worth Rs 655.36 crore while the domestic investors were net buyers by Rs 677.91 crore, as per provisional data provided by the stock exchanges.
Technical View
Deepak Jasani, Head of Retail Research, HDFC Securities said, "Technically, with the Nifty moving down further and closing below the support of 11,311, the short term trend remains down. The Nifty could now head towards the next major supports of 11,227-11,180 in the coming sessions. Any pullback rallies could find resistance at 11,358."
Market View
Hemang Jani, Head – Advisory, Sharekhan by BNP Paribas said, "May continues to be an eventful month with just a few phases left of the general elections and the ongoing Q4 FY19 earnings season will keep the market volatile in the short term. On the election front we consider that India has firmly maintained its growth trajectoryss, irrespective of the Political scenario."
