Mumbai, June 5: The Indian stock market closed in the red on Friday’s trading session. By the end of the day, the Sensex fell by 116.67 points or 0.16 percent, settling at 74,243.34, while the Nifty dropped 49.85 points or 0.21 percent to close at 23,366.70.
The decline was primarily driven by selling pressure in metal and IT stocks. The Nifty Metal index saw a decrease of 1.60 percent, and the Nifty IT index fell by 0.99 percent. Additionally, sectors such as Nifty Commodities, Nifty Oil & Gas, Nifty PSU, Nifty India Manufacturing, and Nifty Infra also ended in negative territory.
Conversely, sectors like Nifty Media, Nifty Realty, Nifty Healthcare, Nifty PSU Bank, Nifty Pharma, Nifty Private Bank, Nifty FMCG, and Nifty Auto closed in the green.
In the Sensex pack, gainers included HUL, Axis Bank, Adani Ports, Bajaj Finance, Asian Paints, ITC, M&M, ICICI Bank, Titan, Sun Pharma, L&T, Power Grid, and ITC. On the losing side were Trent, TCS, Tata Steel, NTPC, HCL Tech, Bharti Airtel, HDFC Bank, Indigo, Kotak Mahindra Bank, UltraTech Cement, and Bajaj Finserv.
Sudeep Shah, Head of Technical and Fundamental Research at SBI Securities, noted that the benchmark Nifty closed lower during the session. The daily chart indicated a small bearish candle, suggesting a lack of strong directional momentum in the market.
He further mentioned that the support level for Nifty lies between 23,230 and 23,200. If it falls below 23,200, it could drop to 23,050. In a bullish scenario, the resistance level would be between 23,530 and 23,550. If Nifty surpasses 23,550, it could reach up to 23,700.
The Indian stock market began the session on a positive note. The 30-share BSE Sensex opened at 74,629.94, up by 269.93 points from its previous close of 74,360.01, while the NSE Nifty 50 opened at 23,478.95, gaining 62.4 points from its last close of 23,416.55.
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