Sensex, Nifty 50 fall for second day in a row— 10 key highlights from Indian stock market today

Extending losses to the second consecutive session, the Indian stock market benchmarks, the Sensex and the Nifty 50, ended lower on Monday, May 19, tracking weak global cues. The Sensex closed 271 points, or 0.33 per cent, lower at 82,059.42, while the Nifty 50 settled at 24,944.45, down 75 points, or 0.30 per cent.

The mid- and small-cap segments continued their outperformance, as the BSE Midcap and Smallcap indices rose 0.27 per cent and 0.75 per cent, respectively.

The Nifty 50 slipped below the 25,000 mark, and the volatility index, India VIX, jumped nearly 5 per cent, indicating cautious market sentiment.

According to Jatin Gedia, a technical research analyst at Mirae Asset Sharekhan, the Nifty 50 has been forming narrow range candles on the daily charts for the last couple of sessions, while the Hourly momentum indicator has triggered a negative crossover, which is a sign of consolidation in the near term.

"The index is approaching the support zone of 24,880 – 24,800, which coincides with the 40-hour moving average and the 50 per cent Fibonacci retracement of the up move from 24,494 – 25,116. We expect the Nifty to hold this support zone and resume its up move towards 25,300. A close below 24,700 would weaken the structure," said Gedia.

Indian stock market: 10 key highlights from the day

Here are 10 key highlights from the stock market today:

1. Why did the Sensex, Nifty 50 extend losses to the second consecutive session?

The benchmark indices are consolidating in the absence of fresh triggers. While Q4 earnings have been stable, market valuations are on the higher side, which could be the reason behind profit bookings.

"At the current level (near 25,000), the Nifty 50 is trading at 18.8 times FY27E, which is slightly above its 10-year average historical level(nearly 17.5 times). Nifty's returns hereon will be commensurate with the earnings growth, which are expected to report a low teen CAGR for the next two years, with a downside risk (primarily led by muted urban demand)," Varun Lohchab, the head of institutional research at HDFC Securities, told Mint.

2. Top gainers in the Nifty 50 index today

Bajaj Auto (up 4.10 per cent), Shriram Finance (up 1.85 per cent), and Power Grid Corporation of India (up 1.35 per cent) ended as the top-gaining stocks in the Nifty 50 index.

3. Top losers in the Nifty pack

As many as 34 stocks ended in the red in the Nifty 50 index. Eternal (down 3.06 per cent), Grasim Industries (down 2.90 per cent) and Infosys (down 2 per cent) closed as the top losers.

4. Sectoral indices today

Among the sectoral indices, Nifty Realty jumped 2.26 per cent, while the PSU Bank index rose 1.46 per cent.

Nifty Bank and Financial Services indices rose 0.12 per cent and 0.13 per cent, respectively.

On the other hand, Nifty IT fell 1.30 per cent, while the Media and Oil and Gas indices declined 0.59 per cent and 0.36 per cent, respectively.

5. Most active stocks in terms of volume

Vodafone Idea (171 crore shares), YES Bank (14.65 crore shares) and GTL Infrastructure (10.57 crore shares) were the most active stocks in terms of volume on the NSE.

6. Nine stocks jump more than 15% on NSE

Kaya, Banco Products, Zodiac Energy, Premier Explosives and Foods & Inns were among the nine stocks that surged more than 15 per cent on the NSE.

7. Two stocks crash more than 10%

Protean eGov Technologies and Bharat Bijlee were the two stocks that crashed more than 10 per cent on the NSE.

8. 175 stocks hit upper circuits; 54 stocks hit lower circuits

As many as 175 stocks, including Zen Technologies, KPI Green Energy and Sanco Industries, hit their upper circuits in intraday trade on the NSE.

On the flip side, Jaiprakash Associates, Godfrey Phillips India and Protean eGov Technologies were among the 54 stocks that hit their lower circuits on the NSE during the session.

(This is a developing story. Please check back for fresh updates.)

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Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary.