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The Nifty Bank remained in consolidation mode as it moved in the range of 47,363.40 - 46,886.95, intraday, before closing with minor losses at 47,019.70.
Among the Sensex stocks, Wipro, IndusInd Bank, SBI, Kotak Bank, HDFC Bank, ICICI Bank, and Infosys closed in the red, while Nestle, M&M, ITC, HCL Tech, and Asian Paints closed higher.
The Nifty index ended down 68 points after making consecutive higher highs, forming a short-term top reversal pattern. Analysts predict a range of consolidation between 18,800-18,500 and recommend holding above the 20-day moving average and support levels of 18,636 and 18,550. India VIX dropped slightly, causing premiums to squeeze, and options suggest a broader trading range of 18,450-18,900. The Bank Nifty is forecast to trend lower towards 43,000 and has breached its consolidation range of 44,000-44,500.
Indian equity indices ended on a weak note on Thursday after the US Fed's rate pause, triggering a mixed reaction in the global markets. The BSE Sensex declined 0.49% while the Nifty fell 0.4%. The pharma and healthcare pack notched the highest gains, but the PSU Banking pack emerged as the top laggard. Analysts believe that the possibility of two more rate hikes by the US Fed this year could be the reason behind the reduction in buying interest in Indian markets. However, buying interest is also observed, with the Nifty Mid-cap index trading at an all-time high.
BSE midcap and smallcap indices fall 0.5 percent each