Taking Stock: Sensex turns negative for 2024; Nifty closes below 21,850 amid widespread selling

After witnessing mild recovery in the previous session, the bears came back heavily on March 19 and dragged the BSE Sensex into the negative territory for 2024.

The benchmark indices opened on a negative note and extended the losses as the day progressed with Nifty and Sensex breaking 21,800 and 72,000, intraday, amid selling across the sectors.

At close, the Sensex was down 736.37 points, or 1.01 percent, at 72,012.05, and the Nifty was down 238.20 points, or 1.08 percent, at 21,817.50.

Biggest losers on the Nifty included TCS, BPCL, Tata Consumer Products, Tata Consumer and Nestle India, while gainers were Bajaj Finance, Bajaj Auto, Kotak Mahindra Bank, Hindalco Industries and Bharti Airtel.

All the sectoral indices ended in the red with Healthcare, IT, FMCG, Capital Goods, Oil & Gas, Power segments down 1-2 percent.

BSE Midcap and Smallcap indices shed 1 percent each.

Among individual stocks, a volume spike of more than 300 percent was seen in Indus Towers, Exide Industries and Zee Entertainment.

A short build-up was seen in Colgate Palmolive, Gujarat Gas and TCS, while a long build-up was seen in Bajaj Auto, Jubilant FoodWorks and TVS Motor Company.

Outlook for March 20

Aditya Gaggar Director of Progressive Shares:

In the early trade itself, TCS-led selling in the IT counters dragged the Index below its immediate support of 21,900. Follow-up selling in other heavyweights mounted pressure on the Index to trade lower and end the session at 21,817.45 with a loss of 238.25 points. All the sectors ended the day in red with IT and Media being the major laggards.

By ending the session lower by 1.24% & 1.19%, Mid and Smallcaps more or less moved in tandem with the Frontline Index.

After violating its immediate support of 21,900, the Index is about to form an advanced harmonic pattern known as Bullish Cypher at 21,740. Post the pattern reversal confirmation, one can expect the target of 22,000 followed by 22,200 respectively.Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.