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Listen to this article in summarized format Sensex, which had dropped around 740 points in the morning, recovered 622 points to close at 74,782. Nifty 50, which had fallen below 23,250, rebounded 167 points to end the session near 23,400. Despite the sharp recovery, the Indian stock market overall closed in the red, with Sensex down 121 points and Nifty down 80 points. HDFC Bank shares, which had fallen nearly 2% to hit a 52-week low earlier in the morning, recovered all losses and jumped another 2% to lead gains on Sensex. Tech Mahindra, HCL Tech, Eternal, Infosys and BEL shares gained around 1% each to follow. On the other hand, Tata Steel shares fell 2%, while those of Reliance Industries, Sun Pharma, Bajaj Finance, NTPC, Power Grid and L&T declined more than 1% each. Also Read | Sensex tumbles over 700 pts, Nifty below 23,250. Key factors behind Rs 5 lakh cr wipeout The intraday recovery was broad-based, with Nifty Midcap 100 and Nifty Smallcap 100 closing up to 0.6% lower, after falling as much as 1.4% in the morning. Nifty Realty and Nifty Metal crashed 3% and 2% respectively to lead losses among the sectoral indices, while Nifty IT, Nifty Financial Services and a few others moved into the green. The overall market breadth however, remained negative despite the sharp recovery, with NSE seeing 2,042 declines against 1,476 advances, while 120 stocks remained unchanged. Also Read | Jefferies' 25% CAGR club: Paytm, Groww among 5 financial stocks that can deliver up to 25% returns What lies ahead for Dalal Street? A sharp spike in crude oil prices and concerns over a higher global rate environment weighed on domestic equities, extending the recent corrective trend, said Vinod Nair, Head of Research at Geojit Investments. He noted that higher producer inflation and strong US economic data reinforced expectations of tighter monetary policy, pushing bond yields higher and sustaining FII outflows. “However, the market recovered from intraday lows, aided by value buying in select sectors, particularly IT, following a positive opening in European markets. Despite the rebound, weak market breadth suggests broader consolidation persists. While elevated crude prices, foreign outflows, and geopolitical uncertainty may keep volatility high, resilient domestic fundamentals and strong institutional support continue to attract buying at lower levels, limiting downside risks and supporting the medium-term outlook,” he said. Technical view on Nifty Nifty on the daily chart formed a bullish candle with a lower high and a lower low, said Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking. He noted that the index opened lower and formed an intraday low of 23,231 in opening trade. Nifty recovered more than 150 points from the day low to close the session marginally lower around 23,400 levels. “Going ahead, strength above 23,500 will signal a pullback towards 23,650 levels in the coming sessions. Failure to do so will signal some consolidation in the range of 23,230-23,500. Immediate bias in the index remains down, and a follow-through weakness below last week's low of 23,231 will open downside towards the short-term support placed around the June low of 23,070 levels in the coming week. Only a formation of higher highs and higher lows on a sustained basis in the daily chart will signal a pause in the current downtrend,” he added. (With inputs from agencies) (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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