FINAL TRADE: Sensex ends 208 pts lower amid weak global cues, Nifty settles at 18,285

FINAL TRADE, May 24, 2023: The equity market ended with over 0.30 per cent losses on May 24, Wednesday, amid selling in blue chip counters such as HDFC duo, ICICI Bank, and Reliance Industries. Besides, weak global cues, too, dented investor sentiment. As per a Reuters report, global stocks lurched downwards as US debt ceiling negotiations dragged on without resolution, stoking a general malaise in markets that saw safe-haven assets like the dollar and gold hold near recent highs.

The S&P BSE Sensex ended at 61,773.78, down 208 points, or 0.34 per cent while NSE's Nifty settled at 18,285.40, down 62.6 points, or 0.34 per cent.

"Nifty tried to cross and sustain above 18,400 levels, but its efforts turned out to be futile and closed about 0.3 per cent lower. The index has formed gravestone doji patterns on daily charts and a move below 18,260 can result in further pressure till 18,200-18,180 levels tomorrow. 18,200 strike put commands the highest open interest concentration in the put chain which is likely to provide some support to the benchmark index but an hourly close below 18,200 can result in an intraday pressure towards expiry. Banknifty which has been underperforming nifty for some time but managing to hold near 44,000 was seen giving up its efforts to stay positive and witnessed incremental pressure towards the end of the trading session. The index has formed an inverted hammer pattern on daily charts and a close below 43,500 can result in a fall towards 42,600-42,200 levels," said Gaurav Bissa, VP - InCred Equities.

In the broader market, the S&P BSE MidCap index gained 0.13 per cent to 26,488.42 levels while the S&P BSE SmallCap index ended at 29,934.22, up 0.10 per cent.