Mumbai, May 30 (IANS) The Indian stock market closed lower in Friday’s trading session. At the end of trading, the Sensex was down 182.01 points or 0.22 per cent at 81,451.01 while the Nifty was down 82.9 points or 0.33 per cent at 24,750.70.
Midcap and smallcap closed almost flat. The Nifty Midcap 100 index closed down 37.25 points at 57,420.00 and the Nifty Smallcap 100 index closed down 6.10 points at 17,883.30.
Metal and IT stocks led the decline. Nifty Metal index closed down by 1.69 per cent and Nifty IT index down by 1.15 per cent. Apart from this, auto, pharma and FMCG sectors also saw a decline. Only PSU bank, financial services and media indices closed in the green.
The Nifty remained volatile with a slightly negative bias on the first day of the June series. On the smaller time frame, the index has formed a bearish moving average crossover.
“The RSI on the hourly chart indicates bearish price momentum, suggesting short-term weakness. Additionally, signs of exhaustion are visible on the daily RSI, accompanied by a strong negative divergence,” said Rupak De, Senior Technical Analyst at LKP Securities.
However, Nifty has been struggling to move beyond a certain level. Immediate support is placed at 24,700; a breach below this level could lead to a decline towards 24,500. On the higher side, 24,800 is likely to act as a crucial resistance, as call writers have built significant positions at that level.
The impact of GDP figures will be seen on the market in coming trading sessions, said analysts.
A range-bound movement continued in the market, with the temporary reinstatement of US tariffs by the appeal court influencing investors to stay sidelined.
“The global market may contend with macroeconomic concerns as the global trade landscape has yet to see stability, which may navigate a short-term consolidation. Meanwhile, FII inflows continued due to the volatility in the US 10-year yield and an expectation of solid domestic Q4 GDP data later today and a rate cut by RBI,” said Vinod Nair, Head of Research, Geojit Investments Limited.
Rupee traded weak by 8 paise at 85.52 as the dollar index gained 0.25 per cent to 99.46.
–IANS
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