Indian equity markets failed to hold morning gains and ended the expiry session in the red, with the Nifty index closing below the 24,600 mark.
On Tuesday, the Sensex closed 206 points lower at 80,157, while the Nifty 50 ended down 45 points at 24,579. Broader markets bucked the trend, with the Nifty Midcap gaining 0.2% and the Nifty Smallcap index rising 0.5%.
And the retail investor sentiment surrounding the Nifty 50 remained ‘neutral’ by market close on Stocktwits.
Stock Moves
Sectorally, financials, auto, and pharmaceuticals dragged the markets lower. On the other hand, FMCG, energy, and metals saw some buying action.
Sugar stocks rallied in a weak market after the government lifted restrictions on ethanol production for the upcoming 2025–26 supply year. Rajshree Sugars surged 20%, Shree Renuka, Dhampur, and Dwarikesh gained over 10%, followed by Ugar Sugar, Sakthi Sugar, which rose 7%
Reliance Industries ended 1% higher after Morgan Stanley said the conglomerate stands to gain from China’s push to curb industrial overcapacity, as well as its own restructuring efforts.
Mobikwik shares ended 20% higher after Abu Dhabi Investment Authority (ADIA) exited its stake in the payments solutions provider via block deals yesterday.
Stock Calls
Analyst Manish Kushwaha recommended buying Granules India between ₹515 and ₹520, with a stop-loss at ₹480, for targets of ₹675, ₹720, and ₹760. The stock is forming a symmetrical triangle pattern. There has been a noticeable spike in volume on the breakout candle, confirming buying interest. The support trendline remains intact, showing accumulation at each dip, and the price has closed above the trendline resistance, indicating bullish momentum.
On the other hand, Kush Ghodasara flagged a bearish call on Indigo. He noted that the stock had been trading within a channel since it took off around the ₹4,000 mark in November 2024. However, it now appears to have initiated its descent towards the support level of ₹5,050. Momentum indicators such as the Relative Strength Index (RSI) have given an internal bearish crossover, and the MACD has turned south, confirming bearish momentum. He recommended selling at the current market price, with a stop loss of ₹5,840 and a target at ₹5480 or ₹5,290.
Markets: What Next?
Globally, European markets traded lower, while US stock futures indicate a weak start on Wall Street.
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