After a sharp profit booking and touching the low point of the day, the market managed to bounce back on widespread buying on Wednesday. Despite marginal losses from the previous close, investors wealth continued to erode for the sixth day in a row. Today, total market capitalisation declined by Rs7,471 crore
The Sensex was down by 387 points and the Nifty declined by 118 points in the first two hours of the trading. However, buying in Reliance, Hindustan Unilever, TCS and Bajaj Finance started the recovery. At the close, Sensex ended at 54,525, down by 29 points while the Nifty closed with a marginal gain of 2.15 points at 16,282.
Similarly, Nifty Midcap was down by 633 points and Smallcap index was down by 317 points. On overall buying support, both indices managed to recover but closed with losses for the third day in a row.
“The Nifty is trading in a very short range. For the fourth session, it is trading between 16180-16350. The overall texture suggests that narrow range trading is likely to continue in the near future,” Shrikant Chauhan of Kotak Securities said.
A number of shares advancing also improved towards the end of the session but it was still negative with more shares recoding a decline in their prices. On the sectoral front, buying was seen in metals, power, energy, and oil & gas stocks while selling pressure was visible in healthcare, banks, consumer durables, and finance stocks.
