FINAL TRADE: Sensex ends 223 pts lower, Nifty settles at 18,568; tech stocks bleed
The S&P BSE Sensex ended at 62,625.63, down 223 points, or 0.35 per cent while the NSE's Nifty ended at 18,563, down 71 points, or 0.38 per cent.
![FINAL TRADE: Sensex ends 223 pts lower, Nifty settles at 18,568; tech stocks bleed](https://cdn.zeebiz.com/sites/default/files/2023/06/09/246498-stocks-watch-unsplash.jpg?im=FitAndFill=(1200,900))
After opening in the green, the stock market came under selling pressure on Friday and eventually settled in negative territory. The S&P BSE Sensex ended at 62,625.63, down 223 points, or 0.35 per cent while the NSE's Nifty ended at 18,563, down 71 points, or 0.38 per cent.
"Nifty opened on a flattish note and then started drifting as the day progressed. Once it closed below the previous breakout of 18630–18650, it was seen getting under incremental pressure and closing near the low point of the day. Bearish divergences in the relative strength index and made on the daily timeframe ensured that any rise was met with rejections, resulting in the previous low getting violated. The next support in Nifty is seen at the 18440–18450 zone, where the 21 EMA on the daily chart is placed," said Gaurav Bissa, VP, InCred Equities.
The Nifty Midcap 100 and Smallcap 100 ended lower by 0.14 per cent and 0.12 per cent, respectively. Nifty Bank ended on a flat note at 43,989. The Nifty IT ended nearly 1 per cent lower. Among 10 IT stocks, 8 ended in the red.
"Unlike Nifty, the trend in Banknifty was mostly flat with incremental volatility. The index was seen hovering around the swing break level of 44,160, with prices closing above and below it for a couple days. So far, the index is trading in the 43,700–44,300 range, and a close breaking either of these data points is likely to decide further orientation in the Banknifty. 43,700 will be a key support area as 21 ema on the daily chart is placed at that level, which has lent support to the index since April 2023," said Bissa.
Defence stocks continued their upward move, and HAL surged 6 per cent to a record high. Paytm also extended Thursday’s gains and posted the biggest weekly gain in four months. Cement stocks reversed Thursday’s cuts. India Cements rose 7 per cent. In the Nifty50 basket, IndusInd Bank, Axis Bank, Power Grid, Adani Enterprises, and L&T were the top gainers. On the other hand, Hero MotoCorp, HDFC Life Insurance, Divi's Laboratories, Eicher Motors, and Tata Steel were the biggest losers.
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