FINAL TRADE: The domestic equities ended in the red for the third straight session on May 18, 2023. The S&P BSE Sensex slipped 128.9 points, or 0.21 per cent to 61,431.74 while the NSE's Nifty settled at 18,129.95, down 51.8 points, or 0.28 per cent. State Bank of India (down over 2 per cent) ended as the biggest loser on the Sensex, followed by ITC and Titan. Both SBI and ITC released their March quarter numbers today wherein they beat analysts' estimates. The top losers on the Nifty were Divi's Laboratories, Adani Ports, SBI, ITC and Titan Company. On the other hand, Bajaj Finance, Kotak Mahindra Bank, Bharti Airtel, ICICI Bank and Asian Paints were the top gainers.

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In the broader market, the S&P BSE MidCap index ended 0.67 per cent lower at 26,154.36 while the S&P BSE SmallCap index settled at 29,796.33, down 0.26 per cent.

“Domestic markets underperformed Asian peers as profit-taking entered for the third straight session, with investors maintaining risk-on sentiment in the wake of a sharp spike in valuation following the recent upsurge. Bearishness is also seen due to caution over the US debt-ceiling deal and signs of slowing demand in China," says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

Technically, the Nifty has formed a lower top formation on intraday charts and has also formed a bearish candle on daily charts which is broadly negative. The market texture is weak and the 20-day SMA (Simple Moving Average) or 18,050 would be the immediate support zone for the bulls. On the other hand, 18,200 could act as an immediate resistance zone for the traders, above which the index could retest the level of 18280-18300, Chouhan said further.

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