Stock market closing: Nifty, Sensex close in red, Sensex dips over 650 points during the day

Both indices, Sensex and Nifty closed the day in red. While Sensex slipped around 692 points during the day to close at 78,956.03, Nifty dipped by 0.85% to close the day at 24,139.00, as on August 13th, 2o24.

Titan (up by 1.93%), Apollo Hospitals (up by 1.50%), Tata Consumers (up by 0.86%), Dr Reddy (up by 0.78%) and HCL Tech (up by 0.55%) were amidst the day's gainers. On the other hand, BPCL (down by 3.54%), HDFC Bank (down by 3.26%), HDFC Life (down by 2.78%), Shri Ram Finance (down by 2.53%) and ONGC (down by 2.14%) were amongst the day's laggards.

Out of the 2,813 stocks traded during the day, 757 saw advances, while 1,978 declined, and another 78 remained unchanged. 121 stocks hit their 52-week high price, while 31 stocks also hit their 52-week low prices. 92 stocks hit their upper circuit, or the maximum permissible trading price during a singular session, while 104 stocks remained in the lower circuit.

Amidst broad market indices, Nifty Next 50, small cap 100, small cap 50, small cap 250 and micro cap 250 plunged by over 1% each in day's trade, while India VIX rose by 1.89%. Amidst sectoral indices, bank, financial services, metal, private banks, oil and gas and PSU banks closed the day in red, shedding over 1% each, while consumer durables gained over 1%, along with healthcare and IT, which also notched up marginal gains.

Says Rajesh Bhosale, Equity Technical Analyst, Angel One, "Today, prices steadily declined throughout the session, and the sell-off intensified in the afternoon with no signs of a rebound. Eventually, Nifty ended down by 0.83%, a tad below the 24,150 mark".

"Recent sessions have seen prices struggling around the 20-day EMA (Exponential Moving Average), and it now appears likely that prices will test the 50-day EMA support in the 24,040 - 24,000 range and potentially dip below the recent low of 23,900. With the upcoming weekly expiry for both Nifty and Bank Nifty, increased volatility is expected. Traders should avoid complacency, keep positions light, and prepare for potential market fluctuations ahead of the mid-week holiday. Conversely, the 24,350 - 24,500 range remains a critical hurdle only beyond which the momentum would favor back for the bulls. Traders are advised to monitor these levels closely and adjust their strategies accordingly", he continued.

Shrikant Chouhan, Head Equity Research, Kotak Securities is of the view that the intraday texture of the market is weak but 50 day SMA (Simple Moving Average) or 24,000/78,800 would be the trend decider level for the day traders. Above 24,000/78,800, we could see one pullback rally till 24,250-24,300 / 79,500-79,700. On the flip side, below 24,000/78,800 selling pressure is likely to accelerate. Below the same, the market could slip up to 23,850-23,775 / 78,500-78,100.

Ajit Mishra – SVP, Research, Religare Broking Ltd highlights that the markets continued their downward trend today, losing nearly a percent as the correction phase persisted. Despite a flat start, the Nifty gradually declined, closing near the day's low at 24,140.70.

"The pressure was primarily due to a drop in banking and financial heavyweights, while IT majors attempted to limit the losses. Broader indices also struggled, with declines ranging from 0.8% to 1.3%. Nifty is under pressure after failing to surpass the 20-day EMA resistance and appears poised to retest the 24,000 support zone. The decline in banking majors has disrupted the recovery, while other sectors are trading mixed. We recommend monitoring leveraged positions closely and waiting for clearer market signals", said Mishra.