Stock Market Live Today: ‘Market has turned cautiously negative’
“Sensex closed at 76,200.70, down by 893.40 points (-1.16%). The index opened marginally lower at 77,086.05, down by around 8 points from the previous close. Initial buying interest helped the benchmark touch an intraday high of 77,194.85 during the early session. However, the market witnessed sharp selling pressure thereafter, dragging the index towards an intraday low of 76,082.50. Despite a minor recovery from lower levels, Sensex ended the day near the lower end of the trading range at 76,200.70, reflecting broad-based weakness across sectors.
Technically, the index formed a strong bearish candle, indicating aggressive profit booking after the recent upmove. The sharp decline from the day’s high and close near the lower end of the session suggests that sellers remained in control throughout most of the trading day. The index has slipped below immediate short-term support levels, signalling a pause in the recent bullish momentum. However, Sensex continues to trade above the broader support zone, and the price action near the 76,000 level will remain crucial for determining the next directional move.
Sector-wise, selling pressure was visible across most sectors, with Information Technology, Focused IT, PSU Banks, Consumer Discretionary, Oil & Gas, Industrials, Consumer Durables, Realty, Services, Utilities, and Auto emerging as the major laggards. Weakness was also witnessed in Capital Goods, FMCG, Power, Hospitals, and Energy stocks. On the positive side, Private Banks, Top 10 Banks, Healthcare, Telecommunication, and Bankex showed relative resilience and helped limit the broader downside.
The overall market bias has turned cautiously negative in the short term following today’s sharp correction. As long as Sensex holds above the 75,800–76,000 support zone, the broader structure remains stable and a pullback cannot be ruled out. On the upside, immediate resistance is placed around 77,100–77,300, where fresh selling pressure may emerge. Traders should remain stock-specific and watch for stability near key support levels before adopting aggressive long positions,” says Hitesh Tailor, Technical Research Analyst at Choice Equity Broking Private Limited.
