Market Recap: Sensex and Nifty End Flat Amid Rangebound Trading

The Indian equity markets concluded the trading session with little change on September 3rd, 2024. The benchmark indices, Sensex and Nifty, remained within a narrow trading range throughout the day.

Key Market Movements

• Sensex: Down 4.40 points or 0.01 per cent at 82,555.44
• Nifty: Up 1.10 points at 25,279.80

Market Analysis

Despite a positive start, the market spent most of the session in the negative territory. However, a late recovery helped the indices close with minor losses.

• Streaks: The BSE Sensex snapped its 11-day winning streak, while the Nifty 50 extended its rally for the 14th consecutive session.
• Top gainers and losers: SBI Life Insurance, ICICI Bank, HDFC Life, Shriram Finance, and Bajaj Finserv led the gainers, while ONGC, Infosys, Bajaj Finance, JSW Steel, and Adani Ports were among the top losers.
• Sectoral performance: Bank and capital goods indices rose by 0.5 per cent each, while media, power, metal, realty, and oil and gas sectors witnessed declines of 0.5 to 1.5 per cent.

Expert commentary

Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas, noted that the Nifty has been steadily inching higher due to sector rotation. He expects the index to target levels of 25,500.

Osho Krishan, Senior Analyst - Technical & Derivatives, Angel One, highlighted the range-bound movement of the Nifty and the lack of a clear trend. He identified 25200 as a key support level and 25350-25400 as intermediate resistance.

Outlook for September 4

Investors will be closely watching the Bank Nifty for any signs of increased buying activity, which could provide momentum to the market. However, given the recent consolidation, a cautious approach is advised for those looking to buy shares online.