Closing Bell: The market closed with mixed movements within a limited range during the third trading session of the week. The Sensex and Nifty closed lower, while the Smallcap Index closed with gains.
The stock market witnessed trading within a limited range on Wednesday as well. On the third trading day of the week, the Nifty and Sensex closed in the red. The indices avoided significant movements for the eighth consecutive session, and trading remained confined to a limited range. Meanwhile, the Smallcap Index concluded the day with a slight increase.
Pressure increased in the final hour of the session
The market pressure intensified after a decline in Reliance Industries shares in the final hour of the day. Consequently, the Nifty fell below 25,500. The Sensex also closed lower. Furthermore, Bank Nifty and the Midcap Index showed slight weakness.
How major indices closed
At the end of trading, the Nifty closed at 25,476, down 46 points. The Sensex closed at 83,536, down 176 points. Bank Nifty settled at 57,214, down 43 points. The Nifty Midcap Index closed at 59,340, down 76 points.
Slight rise in Smallcap shares
However, investors' interest in Smallcap shares remained. The Nifty Smallcap Index closed with a marginal gain. Buying was seen in many mid and smallcap shares, providing some relief to smaller investors.
Sectoral performance mixed
Regarding the market's sectoral indices, the Metal, Realty, and Oil & Gas sectors saw declines. IT, Infra, and public sector enterprise (PSE) stocks were also under pressure. Conversely, shares of the FMCG, Auto, and Pharma sectors provided some support.
Pressure on IT stocks, eyes on TCS ahead of results
Selling pressure was observed in the IT sector ahead of TCS's quarterly results. The Nifty IT Index declined by 1 percent. Investors booked some profits as a precaution. This also affected other major IT companies.
HUL and Shriram Finance emerged as top gainers
Shriram Finance and Hindustan Unilever (HUL) performed well today and were among the top gainers of the Nifty. These shares helped to some extent in preventing the market from falling.
Vedanta and Union Bank among the declining stocks
Vedanta Group shares were under pressure following a short seller report. However, some recovery was also seen from the day's lows. Union Bank of India's stock fell by nearly 4 percent after weak quarterly updates.
Godrej Properties and Phoenix Mills declined
Godrej Properties and Phoenix Mills showed weakness due to negative brokerage ratings. This effect was clearly visible on the Realty sector.
Impact of the fall in gold prices
The decline in gold prices in international markets directly affected gold financing companies. Manappuram Finance saw the biggest decline. Stocks of other gold loan companies were also under pressure.
Strong gains in Nykaa and IEX
Nykaa's shares saw a rise of over 5 percent today. Meanwhile, IEX also performed bly, jumping by nearly 4 percent. Good investor interest was seen in both stocks.
Buying seen in CONCOR
After the b performance of the export-import segment in the first quarter, buying was seen in Container Corporation of India (CONCOR) stocks. Investors showed good interest in this stock, leading to a b close.
Laurus Labs at 52-week high
Laurus Labs shares reached a 52-week high today. This stock has shown a rise of over 10 percent in the last seven trading sessions.
Force Motors and SML Isuzu continued their rally
Buying continued today in the auto sector's midcap shares Force Motors and SML Isuzu. These shares continued to show good gains for the second consecutive day.
