Stock Market Highlights: Sensex ends below 77,000 after recovering from intraday lows, Nifty50 below 24,000; crude oil prices hit multi-year highs

"Global sentiment deteriorated sharply as US–Iran tensions escalated and major maritime shipping routes faced continued disruption. Brent crude crossed the $120 per barrel mark for the first time in four years, intensifying inflation concerns and pressuring global risk assets. In India, rising oil prices weighed on the INR and revived worries about capital outflows and widening deficits, given the economy’s heavy reliance on crude imports. The Fed kept rates unchanged but maintained a firm policy stance, supporting the dollar and tightening conditions for emerging markets.

Domestically, autos, banks, metals, and real estate led the decline, while IT and pharma saw selective defensive buying. A mild recovery toward the end of the session offered limited respite, and overall sentiment remained cautious ahead of the extended holiday weekend,” says Vinod Nair, Head of Research, Geojit Investments Limited.

"The Nifty index staged a sharp rebound after opening with a gap down and ended marginally below the 24,000 mark. It found strong support at its 21-DMA, placed around 23,800, and as long as it holds above this level, the pullback is likely to continue. The immediate resistance is seen at the 50-DMA near 24,140; a decisive breakout above this could pave the way for an upside move towards 24,500. On the downside, a breach below 23,800 may drag the index towards 23,500 levels. Meanwhile, the volatility index declined by nearly 8% during the week to close around 18. A further easing in volatility would support the bullish momentum, says Nilesh Jain, VP- Head of Technical and Derivative research at Centrum Finverse Ltd.

1. Tata Motors PV: Current Price 341.55 | Price Change -11.15 (-) | -3.17% (-)
2. Eternal: Current Price 247.03 | Price Change -7.00 (-) | -2.76% (-)
3. HUL: Current Price 2,251 | Price Change -63.50 (-) | -2.75% (-)
4. Hindalco: Current Price 1,038 | Price Change -29.21 (-) | -2.74% (-)
5. Axis Bank: Current Price 1,268 | Price Change -28.11 (-) | -2.17% (-)
6. Tata Steel: Current Price 211.36 | Price Change -4.52 (-) | -2.10% (-)
7. UltraTech Cem.: Current Price 11,586 | Price Change -247.00 (-) | -2.09% (-)
8. Shriram Finance: Current Price 937.35 | Price Change -19.50 (-) | -2.04% (-)
9. L&T: Current Price 4,014 | Price Change -82.11 (-) | -2.01% (-)
10. Tata Consumer: Current Price 1,145 | Price Change -23.41 (-) | -2.01% (-)

1. Bajaj Auto: Current Price 9,994 | Price Change 451.00 (+) | 4.73% (+)
2. Sun Pharma: Current Price 1,808 | Price Change 29.60 (+) | 1.67% (+)
3. Infosys: Current Price 1,182 | Price Change 14.30 (+) | 1.23% (+)
4. Kwality Wall's: Current Price 27.23 | Price Change 0.34 (+) | 1.23% (+)
5. Tech Mahindra: Current Price 1,474 | Price Change 13.70 (+) | 0.94% (+)
6. Bajaj Finance: Current Price 937.00 | Price Change 7.00 (+) | 0.76% (+)
7. Maruti Suzuki: Current Price 13,314 | Price Change 57.00 (+) | 0.43% (+)
8. RIL: Current Price 1,431 | Price Change 5.40 (+) | 0.38% (+)
9. Kotak Bank: Current Price 383.30 | Price Change 1.31 (+) | 0.35% (+)
10. Coal India Ltd: Current Price 481.45 | Price Change 1.56 (+) | 0.33% (+)

"Rupee came under fresh pressure, weakening towards 95.20, as a sharp rally in crude prices near $120 significantly worsened India’s import bill outlook. Continued FII outflows have added to the downside, keeping the currency under sustained stress. This marks the second test of the 95.20 zone, and a reversal from here could indicate a potential double top formation, which will be closely tracked from a technical perspective.

Going ahead, markets will watch state election outcomes and developments around US–Iran ceasefire talks, which remain key triggers for sentiment and crude direction. Near-term, support is seen around 95.45, while resistance is placed near 94.60, with volatility expected to remain elevated,” says Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Indian equity benchmark indices ended on a negative note with Nifty and Sensex falling 180 and 583 points respectively. The Nifty Midcap and Smallcap indices declined 1% and 0.5% respectively. Indian markets will be shut on Friday (1st May’26) on account of Maharashtra Day. Except IT, all other sectoral indices ended in the red with Metal, PSU Bank, Private Bank, Consumer Durable and Realty down between 1%-2%.

The Indian rupee hit a fresh record low on April 30, 2026, slipping past the 95 per US dollar mark and touching an intraday low of 95.322. The sharp depreciation was driven by escalating US-Iran related war tensions, a surge in global crude oil prices above $124/bbl, and a hawkish US Federal Reserve stance that strengthened the dollar. Key events to track on 1st May 26 are US and Japan’s Apr’26 Manufacturing PMI, says Sunny Agrawal, Head - Fundamental Research at SBI Securities.

Stock market today: Nifty50 and BSE Sensex closed in red on Thursday but after partially recovering from their intraday lows which had seen both benchmark indices dip nearly 1.5%. Nifty50 ended the day at 23,997.55, down 180 points or 0.74%. BSE Sensex closed at 76,913.50, down 583 points or 0.75%.

Bajaj Finserv reported a consolidated net profit of Rs 2,539 crore for the quarter ended March 31, 2026, registering a 5% increase from Rs 2,417 crore in the same period last year.

Revenue from operations for the fourth quarter came in at Rs 38,494 crore, reflecting a 6% rise over Rs 36,433 crore recorded in the corresponding quarter of the previous financial year.

The company’s board has recommended a dividend of Rs 1.50 per share. This includes a special payout of 20% to commemorate 100 years of the Bajaj Group. According to the company’s filing, the total dividend outgo stands at Rs 240 crore, compared with Rs 160 crore in the previous year.

On a sequential basis, profit after tax rose 14% from the preceding quarter to Rs 2,539 crore. This growth came despite a 2.6% decline in revenue from Rs 39,508 crore reported in the October-December quarter of FY26.

In its exchange filing, Bajaj Finserv said it remains committed to scaling up its emerging businesses, including Bajaj Finserv Health, Bajaj Finserv Direct and Bajaj Finserv Asset Management. Losses from these businesses widened to Rs 539 crore in FY26 from Rs 429 crore in FY25.

At the consolidated level, the company delivered a record financial performance. Total income reached an all-time high of Rs 1,50,530 crore, while profit after tax climbed to Rs 9,801 crore, exceeding the previous year’s record.

Shares of Force Motors fell 5.66% to Rs 19,799 in Thursday’s trade after the company reported a steep decline in its earnings for the fourth quarter of FY26.
For the March quarter, the company posted a consolidated net profit of Rs 278.5 crore, down 36% from Rs 434.7 crore recorded in the corresponding period last year. Compared with the preceding quarter ended December 2025, profit slipped 31% from Rs 406.1 crore.

Despite the drop in earnings, revenue showed moderate growth. Consolidated revenue from operations increased 8.2% year-on-year to Rs 2,549.8 crore, up from Rs 2,356 crore in the same quarter of the previous fiscal.

Profitability, however, came under pressure due to rising costs. Total expenses rose to Rs 2,210.3 crore, reflecting a 5% increase from a year earlier and a 21% jump from the previous quarter, largely on account of higher raw material costs and other operating expenses.

The company’s board has recommended a dividend of Rs 50 per equity share, equivalent to 500% for FY26. The payout is subject to approval from shareholders at the upcoming Annual General Meeting.

For the full financial year, however, Force Motors delivered a robust performance. Consolidated net profit grew 51% to Rs 1,211.6 crore in FY26, compared with Rs 800.7 crore in the previous year. Annual revenue also rose 12% to Rs 9,057 crore.

Stock market today: Nifty50 and BSE Sensex partially recovered losses, rising from their intraday lows in afternoon trading. While Nifty50 reclaimed 24,000, BSE Sensex rose to above 77,000. At 1:57 PM, Nifty50 was trading at 24,043.40, down 134 points or 0.56%. BSE Sensex was at 77,134.55, down 362 points or 0.47%.

The Indian rupee slipped to a fresh intraday record low of 95.34 against the US dollar on Thursday, as escalating tensions in West Asia pushed crude oil prices sharply higher and triggered selling in domestic equity markets.

After touching this historic low, the rupee recovered slightly but remained under pressure, trading at 95.25 against the dollar during mid-session deals.
In the interbank foreign exchange market, the domestic currency opened at 95.01 per dollar. It subsequently weakened by 46 paise to hit its lowest-ever intraday level of 95.34. By the afternoon session, it was still down 37 paise at 95.25.

The rupee also faced headwinds after the US Federal Reserve decided to keep interest rates unchanged, even as inflationary pressures remained elevated due to rising crude oil prices.

In the previous session on Wednesday, the rupee had already fallen 20 paise to settle at a record closing low of 94.88 against the US dollar.

"Rupee has come under strong pressure by the cumulative impact of three factors. One, the sharp spike in Brent crude to $123 is feared to widen India’s trade and current account deficits. Two, there appears to be no end to the sustained selling by FPIs in the context of the AI trade gaining momentum attracting portfolio flows to a few AI stocks. Three, rising inflation in US has pushed up the US 10-year bond yield to 4.4% which will further incentivise capital outflows.

The situation can change if there is deescalation in West Asia which can bring crude price down sharply, says VK, Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

Historically, May has generally been a favourable month for Indian equities, and the market enters it on a strong footing this year after delivering an impressive 8% gain in April.

Over the past decade, the Nifty has ended May in positive territory six times, reflecting a modest bullish bias during the month. This performance has often been supported by steady domestic institutional inflows, along with constructive participation from foreign institutional investors.

After a difficult March, when markets were rattled by the Iran-Israel/U.S. conflict, sentiment improved considerably in April. The announcement of a ceasefire helped restore confidence, allowing equities to recover, even though negotiations have yet to produce a definitive breakthrough.

Nifty's historical performance in May

A review of the Nifty’s returns in May by ET over the last 10 years suggests a mixed, though slightly positive, pattern. While volatility has surfaced at times, the broader trend has leaned upward.

The index posted particularly strong gains in 2021, rising 6.5%. Other notable advances came in 2016, when it climbed 3.95%, and in 2017, when it gained 3.41%. More moderate increases were recorded in 2019, 2023 and 2025.

That said, May has not always been positive. The Nifty declined 2.84% in 2020 amid uncertainty caused by the pandemic. It also fell 3.03% in 2022 as aggressive global monetary tightening weighed on investor sentiment.

Overall, May has typically been a relatively steady month for Indian markets, characterised by limited sharp swings and a mild upward tendency over the long run.

The rupee weakened sharply in early trade on Thursday, sliding 32 paise to a record low of 95.20 against the US dollar.

The domestic currency came under pressure from soaring Brent crude prices, which were hovering near $122 a barrel, along with continued strength in the US dollar.

Currency market participants said the rupee could face additional downside in the near term. Higher crude prices are expected to significantly raise India’s import bill, while escalating concerns over a broader conflict in West Asia have further unsettled investor sentiment.

The US dollar also extended its gains after the Federal Reserve decided to leave interest rates unchanged. At the same time, safe-haven demand for the greenback increased following another diplomatic setback between Washington and Tehran.

In the interbank foreign exchange market, the rupee opened at 95.01 against the dollar. It subsequently weakened further, touching an all-time low of 95.20 in early trading, down 32 paise from its previous close.

Hindustan Unilever, one of India’s leading FMCG companies, reported a consolidated net profit of Rs 2,992 crore for the quarter ended March, registering a 21.4% increase from Rs 2,464 crore in the same period last year.

The reported profit is attributable to the company’s shareholders. Revenue from operations rose to Rs 16,351 crore during the quarter, reflecting a 7.6% growth compared with Rs 15,190 crore recorded in the corresponding quarter of the previous financial year.

Alongside its fourth-quarter results, the company’s board recommended a final dividend of Rs 22 per share, subject to shareholder approval at the upcoming annual general meeting. This comes in addition to the interim dividend of Rs 19 per share announced in October 2025, taking the total dividend distribution for the year to Rs 9,633 crore.

At the operating level, EBITDA increased 3.2% year-on-year to Rs 3,877 crore, up from Rs 3,754 crore in the year-ago quarter. The company’s EBITDA margin improved to 23.7% during the quarter, representing an expansion of 70 basis points from the same period last year.

1. Eternal: Current Price 244.08 | Price Change -9.95 (-) | -3.92% (-)
2. InterGlobe: Current Price 4,189 | Price Change -156.00 (-) | -3.59% (-)
3. M&M: Current Price 3,054 | Price Change -98.61 (-) | -3.13% (-)
4. UltraTech Cem.: Current Price 11,498 | Price Change -335.00 (-) | -2.84% (-)
5. Axis Bank: Current Price 1,261.6 | Price Change -34.81 (-) | -2.68% (-)
6. BEL: Current Price 426.15 | Price Change -11.41 (-) | -2.6% (-)
7. Adani Ports SEZ: Current Price 1,619 | Price Change -42.1 (-) | -2.53% (-)
8. L&T: Current Price 4,008 | Price Change -88.01 (-) | -2.15% (-)
9. Trent: Current Price 4,142 | Price Change -86.61 (-) | -2.05% (-)
10. Tata Steel: Current Price 211.65 | Price Change -4.23 (-) | -1.96% (-)

Stock market crash today: Both Nifty50 and BSE Sensex plunged around 1.5% in morning trade on Wednesday as crude oil prices were around $125 levels. At 10:28 AM, Nifty50 was trading at 23,826.45, down 351 points or 1.45%, BSE Sensex was at 76,386.37, down 1,110 points or 1.43%.

Though yesterday’s upswing evolved on anticipated lines, testing 24350, the turn lower thereof signals that we have not come out of the bearish structure yet. We will retain the downside marker at 24050 region with upswing hopes limited to 25250, for the day, says Anand James, Chief Market Strategist, Geojit Investments Limited.

As expected, the US Fed left its policy rate unchanged at 3.50-3.75% at its meeting yesterday. However, there was an increasing divide in the committee regarding the decision and appropriate monetary policy signalling ahead.

The committee voted 8-4, with Stephen Miran advocating for a 25-bps rate cut. The other three members, while supporting the hold, dissented on the tone of the statement that retained an easing bias. The US dollar index (DXY) strengthened, moving past the 99 mark, post the Fed's policy decision with markets focussing on the hawkish dissenters. In addition, US bond yields rose with the 10Y yield trading close to 4.42%.

Markets also remained concerned over the prolonged closure of the Strait of Hormuz. President Trump rejected Iran’s recent proposal and confirmed that the US naval blockade will continue until Iran agrees to a nuclear deal. As a result, Brent crude oil prices rose towards $120 per barrel.

The Bank of Canada kept rates unchanged but cautioned that it may raise rates if elevated oil prices continue to fuel inflationary pressures. Today market will watch out for the ECB and BoE meetings and for any hawkish signals and US inflation data (PCE inflation is projected to rise to 3.5% in March vs 2.8% in February).

Stock market crash today: Nifty50 and BSE Sensex dropped around 1% in early trade on Thursday. At 9:43 AM, Nifty50 was trading at 23,935.55, down 242 points or 1%. BSE Sensex was at 76,737.20, down 752 points or 0.98%.

"There are two headwinds which can impact the market in the near-term. One, Brent crude at $120 threatens to worsen India’s macros; the downside risk to growth and upside risk to inflation will rise if crude price remains elevated at this level. Two, the results from AI majors in US and South Korea are better than expected; this, in turn, might strengthen the ongoing AI trade for some more time. This means further portfolio outflows from India, impacting our markets.

The Fed decision to hold rates was on expected lines and is unlikely to impact our markets. If at all, the impact will be slightly negative since the US 10-year yield has risen to 4.4% which will further incentivise capital outflows from India.

The only positive news, from the market perspective, is the exit polls indicating the ruling party consolidating its position. But this doesn’t provide any fundamental support to the market.
Investors can now focus on companies that are coming out with better than expected Q4 results and strong commentary. There are opportunities in this segment,” says VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

Stock market today: Nifty50 and BSE Sensex opened in red on Thursday as crude oil prices topped $120 per barrel, nearing highs seen in 2022. While Nifty50 went below 24,000, BSE Sensex dropped below 77,000 with a drop of over 600 points. At 9:16 AM, Nifty50 was trading at 23,966.15, down 212 points or 0.87%. BSE Sensex was at 76,856.11, down 640 points or 0.83%.

* West Texas Intermediate (WTI) advanced 1.9% to $108.92 a barrel.
* Brent crude gained 2.9%, trading at $121.48 a barrel.

Equity Markets
* Tokyo's Nikkei 225 fell 1.0% to 59,304.62.
* Hong Kong's Hang Seng Index declined 1.3% to 25,763.07.
* Shanghai Composite Index edged down 0.1% to 4,104.67.

Oil prices remained near four-year highs on Thursday, while global equities came under pressure after President Donald Trump indicated that the U.S. blockade of Iranian ports could continue for several months, with diplomatic efforts still at an impasse.

Although Iran submitted a new proposal this week aimed at reopening the strategically vital Strait of Hormuz, reports suggest that Trump remains unconvinced about Tehran’s intentions and does not believe it is negotiating sincerely.

According to The Wall Street Journal, the US president has instructed national security officials to prepare for an extended blockade designed to increase pressure on Iran to abandon its nuclear ambitions.

According to AFP, a White House official, speaking on condition of anonymity, said Trump also met with oil industry executives on Tuesday to discuss measures to stabilise global energy markets. The discussions focused on ways to sustain the current blockade for an extended period, if necessary, while limiting the impact on American consumers.

"Indian equity markets are expected to open on a gap-down to mildly negative note, tracking GIFT Nifty at 24,166, down by 90 points. The weakness comes amid rising crude oil prices due to Iran-related tensions and cautious global sentiment after the US Federal Reserve maintained its interest rate stance.

In the previous session, Nifty 50 witnessed a recovery during the day but failed to sustain at higher levels, facing resistance around the 24,333 zone. This indicates continued supply pressure at elevated levels and suggests that the recent upmove was more of a pullback rather than a confirmed breakout.

From a technical perspective, Nifty 50 continues to trade in a sideways to mildly negative trend in the short term. The index is still struggling to sustain above key resistance levels and short-term moving averages. Momentum indicators such as RSI are hovering near the neutral zone, indicating lack of strong directional strength. Immediate support is placed around 23,900–23,800. On the upside, resistance is seen at 24,200–24,300, while a sustained move above 24,500 is required to confirm bullish continuation.

Bank Nifty has shown relative strength but is now entering a consolidation phase near higher levels. Immediate support is placed at 54,900–54,800, while resistance is seen at 56,200–56,300.

On the institutional front, FIIs remained net sellers on 29th April, offloading equities worth approximately ₹2,468 crores, indicating continued caution. DIIs provided support with net buying of around ₹2,262 crores. India VIX eased slightly but remained elevated, closing near 17.43, reflecting ongoing market uncertainty and the likelihood of intraday volatility.

On the sectoral front, the rally was led by Auto, FMCG, Defence and Realty stocks, supported by Reliance Industries and Maruti Suzuki, while IT saw mild value buying. However, Private Banking and Financials remained subdued, with PSU banks showing mixed trends, limiting broader participation.
Overall, the technical setup indicates a gap-down opening followed by range-bound and volatile trade. The immediate range for Nifty is seen between 23,800 and 24,300. While the broader trend remains positive, the short-term structure suggests consolidation, and a decisive breakout above resistance levels is required for further upside,” says Aakash Shah, Technical Research Analyst at Choice Equity Broking Private Limited.

Index formed a small bearish candlestick pattern which mostly remained contained inside previous session price range signaling consolidation with corrective bias. A follow through weakness below last two sessions low 55,250 will signal extension of the decline towards 54,500-54,000 levels. Overall, we expect the Bank Nifty to extend consolidation in the broad range of 54,500-57,500 amid stock specific action as we progress through the quarterly earning session of the banking stocks.

Within the consolidation only a move above 56,475 will open further upside towards the 57,000 and 57,500 levels in the coming sessions. From a short-term perspective, support is placed in the range of 54,500–54,000 zone, being the confluence of the recent low and 38.2% retracement of the last 3 weeks pullback (49,955-57,456).

A fresh surge in oil prices rattled the US bond market on Wednesday, while signs emerged that some Federal Reserve policymakers are in no hurry to begin cutting interest rates. Even so, strong earnings from Starbucks and several other major companies helped keep US equities on steady footing.

The S&P 500 ended virtually flat, slipping by less than 0.1% after retreating from a record high in the previous session. The Dow Jones Industrial Average fell 280 points, or 0.6%, whereas the Nasdaq Composite managed a marginal gain of less than 0.1%, according to an AP report.

The biggest moves were seen in the energy market. Brent crude for July delivery, now the most actively traded contract, climbed 5.8% to settle at $110.44 a barrel. It later extended gains, touching an intraday high of $111.84.

Since the conflict with Iran began, the most actively traded Brent contract has reached as high as $119.50, a level touched last month. On Wednesday, the less-traded June contract briefly crossed that threshold, rising above $120 a barrel.

Oil prices have risen sharply this week as President Donald Trump appears prepared to continue the US blockade on Iranian shipping, restricting Tehran’s ability to generate revenue through oil exports. In response, Iran has kept the Strait of Hormuz closed to other tankers transporting crude to global markets, vowing to maintain the closure for as long as the blockade remains in place.

The sharp rise in crude prices reinforced the Federal Reserve’s decision to keep interest rates unchanged. While lower borrowing costs could provide support to economic growth, they also risk adding to inflationary pressures.

Notably, three Fed officials opposed including language in the policy statement that might imply further rate cuts are likely in the near future.
Bond yields moved higher immediately after the Fed’s announcement, building on earlier gains triggered by the oil rally. The yield on the benchmark 10-year US Treasury note rose to 4.41%, up from 4.36% at Tuesday’s close.

Shorter-term yields saw an even bigger jump. The two-year Treasury yield, which is particularly sensitive to expectations around Federal Reserve policy, climbed to 3.93% from 3.84%—a significant move by bond market standards.

Nifty View

Going ahead, the immediate resistance for Nifty is placed in the 24300-24330 zone. Any sustainable move above this zone could result in Nifty extending its pullback towards 24500, followed by 24650 in the short term. On the downside, the immediate support for Nifty is placed in the 24000-23970 zone, which coincides with the 20-day EMA.

Bank Nifty View

Bank Nifty formed a small body bearish candle with a noticeable upper wick and a small lower wick, highlighting its continued inability to hold higher levels. Notably, this marks the sixth instance in the last 11 sessions where the index has rallied intraday but failed to sustain, resulting in prominent upper wicks on the charts.

Going ahead, the immediate support for Bank Nifty is placed in the 55000-54900 zone. Any sustainable move below this zone could result in Bank Nifty extending its weakness towards 54600, followed by 54300 in the short term. On the upside, the zone of 55900–56000 zone is likely to act as an immediate resistance.

Indian benchmark indices staged a strong recovery on Wednesday, with the Sensex surging nearly 610 points and the Nifty closing comfortably above the 24,100 mark. The rebound was driven by value buying in FMCG, automobile and telecom stocks, supported by optimism around corporate earnings and a positive trend across Asian markets.

After a choppy trading session, the 30-share BSE Sensex ended 609.45 points higher, or 0.79%, at 77,496.36. During intraday trade, it had climbed as much as 1,095.6 points, or 1.42%, to touch a high of 77,982.51.

The NSE Nifty50 also advanced, gaining 181.95 points, or 0.76%, to settle at 24,177.65.

Among the top performers in the Sensex pack were ITC, Tech Mahindra, Maruti Suzuki, Reliance Industries, Bharti Airtel and Mahindra & Mahindra.
On the other hand, InterGlobe Aviation, NTPC, Bajaj Finserv and ICICI Bank ended the session among the notable losers.

Maruti Suzuki rose 2.82% after the country’s largest carmaker reported its highest-ever annual consolidated net profit of Rs 14,679.5 crore for FY26. This represented a year-on-year increase of 1.24%, supported by record annual sales of more than 24.22 lakh vehicles, aided by a reduction in GST rates.
The broader market also showed strength. The BSE SmallCap Select index gained 0.75%, while the MidCap Select index slipped 0.49%.

Among sectoral indices, FMCG emerged as the biggest gainer, rising 1.57%. It was followed by Realty, up 1.42%, Telecommunication, which advanced 1.28%, Energy, which climbed 1.14%, and Auto, which added 1.02%. The MidSmall Private Banks Quality Tilt index and the IT index also posted gains of 0.83% and 0.81%, respectively.

On the losing side, Utilities fell the most, declining 1.22%. Power dropped 1.05%, while Consumer Durables, Hospitals, PSU Banks and Bankex also ended lower, slipping 0.43%, 0.42%, 0.42% and 0.07%, respectively.

Index formed a small bullish candle with a sizable, long upper shadow signaling intraday volatility and selling pressure at higher levels as the index consolidates around the 20 days EMA. Index on expected lines is witnessing consolidation in the broad range of 23,600-24,400 amid stock specific action as we progress through the quarterly earning session. On the higher side only a move above 24,400 will open further upside towards 24,600 and 24,800 levels in the coming week.

Within the consolidation a close below the 20 days EMA placed around 23,950 will signal extension of the decline towards 23,800 and 23,600 levels in the coming sessions. Short-term support is positioned around 23,600–23,500 range being the confluence of the recent major low and 38.2% retracement of the last 3 weeks pullback (22,183-24,601).