Taking Stock | Market snaps four-day winning streak; mid, smallcaps outperform

The market broke its four-day winning streak to end lower on May 8, with the Sensex closing 340.60 points, or 0.69 percent, down at 49,161.81 and the Nifty ending 91.60 points, or 0.61 percent, lower at 14,850.80.

Among sectors, Nifty PSU bank and energy indices rose a percent each, while selling was seen in the FMCG, IT, metal and pharma names. BSE midcap and smallcap indices ended in the green.

“On a day when markets corrected due to weak global cues ahead of CPI expected tomorrow, we witnessed plenty of action in the PSU space. The broader market saw immense action in the AGRI space with several stocks posting handsome gains,” said S Ranganathan, Head of Research at LKP Securities.

Coal India, NTPC, IOC, ONGC and BPCL were among the top gainers on the Nifty. Losers included JSW Steel, Hindalco Industries, Kotak Mahindra Bank, HDFC and Divis Labs.

Stocks & sectors

On the BSE, power and oil & gas indices rose 2 percent each, while metal and bank indices shed a percent each.

Among individual stocks, a volume spike of more than 100 percent was seen in Tata Chemicals, BHEL and Marico.

A long buildup was seen in Voltas, Coal India and BHEL, while a short buildup was seen in Cummins India, L&T Infotech and Ramco Cement.

More than 300 stocks, including NHPC, Marico and Lupin, hit a fresh 52-week high on the BSE.

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Technical View

The Nifty formed a bullish candle on the daily scale but negated its formation of higher lows of the last five sessions and closed the day with a loss of around 90 points.

“The Nifty has to hold above 14,800 zones to witness an up move towards 15,000 and 15,050 zones while on the downside support exists at 14,700 and 14,600 zones,” said Chandan Taparia of Motilal Oswal Financial Services.