After scaling fresh record highs, both benchmark equity indices BSE Sensex and NSE Nifty trimmed their day's gains in the second half following losses in European markets. The 30-share BSE Sensex closed 45.63 points, or +0.14 per cent, up at 33,731.19 today, while the 50-share NSE Nifty index settled almost flat 0.70 points, or -0.01 per cent, down at 10,451.80 today, with 19 of the 50 components ending in the green and 31 in the red. Sensex and Nifty both hit their fresh all-time intraday high of 33,848.42 and 10,490.45, respectively, during the day.
Succumbing to global cues, the domestic equity market ended today's session on a flat note. Profit booking in some of the recent outperformers, including telecom major Bharti Airtel, compelled the market to trade rangebound throughout the day. While the Nifty50 ended in red, Sensex managed to eke out a fresh closing high. Sentiment turned negative after European markets opened lower, while Asian markets also tumbled from decade highs. The market had hit fresh high in intraday trade riding on hopes that the government may announce measures to help traders and small businesses in the next GST council meeting that begins on Thursday.
Lack of confidence among investors weighed in on the domestic market in today's trade, as the Nifty50 closed in the red despite rebounding smartly from the day's low after finding support at around its five-day EMA. In the process, the index formed a 'Shooting Star' pattern on the technical chart, as it continued to make higher highs and higher lows. Analysts see multiple resistances in the 10,500-10,600 range, which the Nifty50 could find difficult to breach. In the next trading session, if the Nifty50 index slips below the 10,400 level, it can attract more selling pressure, they say.