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Sensex Dips, Nifty Sheds Gains Amid Volatile Trade

Analyst Team trader
Updated 7 May 2024

The Indian stock market witnessed a volatile trading session today, with major indices closing in the red. The BSE Sensex plunged about 400 points to close at 73,511.85, while the broader NSE Nifty settled at 22,302.50, dropping nearly 150 points.

Notably, on the Sensex, Hindustan Unilever, Tech Mahindra, and Nestle, emerged as the primary gainers.

In the broader market, the Nifty FMCG and IT indices showed some resilience with gains of 2.02% and 0.77%, respectively. On the flip side, sectors such as realty, metal, and PSU banks faced pressure, contributing to the overall bearish sentiment.

The Nifty was not without its standout performers, as Hindustan Unilever displayed remarkable strength with gains of over 5%. On the opposite end, Bajaj Auto faced a rough session, enduring losses of nearly 4%.

Adding to the cautiousness among investors was the increase in India VIX, a measure of the market's expectation of volatility, which rose by 2.45%. We have covered the India VIX a little more in recent days, as the fear index has now added 46.49% over the last month. This is a key sign that volatility is on the rise, and has caused many more cautious participants to take a more watching brief.

The day's trading ended on a cautious note with investors parsing through the mixed cues from sectoral indices and global markets. While select FMCG and IT stocks offered some support, the weakening of metal, realty, and PSU bank shares, along with the heightened volatility, underscored the market's unease.

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The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.