The nifty 50 finished the session with a drop of 63 points, or 0.3%, to settle at 24,752, while the sensex declined 240 points, or 0.29%, to end the day at 81,312. The broader markets managed to buck the trend, as the nifty smallcap 100 index gained 0.33%, While The Nifty Midcap 100 Index Closed Flat.
In terms of the individual stocks, itc’s share price dropped 3.2% after british multinational bat plc trimmed its stake in the firm by 2.3% through a block deal 11,613 Crore.
Indusind Bank Stock Snapped A 5-Day Winning Streak, Falling 2% after JP Morgan Downgraded The Rating to ‘Reduce’ and Cut the target price to 660 from 770.
Other Heavyweights, Including Reliance Industries, M & M, HDFC Bank, Ultratech Cement, and Sun Pharma, also ended the session lower, with losses of up to 2%. Infosys, Eternal, Tata Motors, Tech Mahindra, Bharti Airtel, and Tata Consultancy Services were among the gains.
AMID A Lack of Fresh Triggers in the Indian Stock Market, Investor Attention also shifted to the primary market, as activity in the IPO space heated up with companies Queuing Up to List their Shares on Dal Street.
Belrise Industries Debuted on the Indian Stock Market Today with a Premium of 11.11% at 100 on the nse and ended the day at 97.41, 8.3% Higher Than Its IPO Price of 90.
Looking Ahead, Experts Believe The Us Federal Reserve’s Policy Minutes, Due Later Today, Will Provide Cues for the Market’s Direction.
Sectorral Performance: FMCG Stocks Top Laggards; Media bucks the trend
A Sharp Sell-off in ITC and Nestle India pushed the nifty FMCG Index Down by 1.49%, Making it the top sectoral loser. It was followed by the nifty auto index, which fell 0.68%, as investors Booked Profits after a Strong Rally in the Auto Pack in Recent Sessions.
Other indices, including Nifty Pharma, Nifty Metal, Nifty Consumer Durables, and NIFTY REALTY, also Closed Lower with Losses Ranging Between 0.15% and 0.60%.
On the winning side, nifty media emerged as the top sectoral gainer, rallying 1.04%, followed by nifty psu bank, which gained 0.97%.
Commenting on Today’s Market Performance, Vinod Nair, Head of Research, Geojit Investments Limited, said, said, “The domestic indices remained rangebound with a negative bias, primearily dua to the forest Support from FIM FIS and Prevailing Premium Valuations.
“On the domestic front, key economy indicators such as an improved monsoon forecast, a benign influence outlook, and expectations of a stranger Q4 GDP May Help Cushion Downside Risks. How Visibility needs to improve in tandem with the macros, which is vital for stability in the direction, “He further added.
Nifty Signals Near-Term Weakness, Says Expert
Rupak de, Senior Technical Analyst at Lkp Securities, Said, “The Nifty Spent Another Day in Consolidation, with the Index Remaining Largely range-bound ahead of the monthly expense. Index Has Slipped Below The Critical 21 -MA and Ma, Indicating a Weaqing Trend in the Near Term. Pressure
On the higher end, notable call writing is observed at 24,800. Rupak further noted that a decisive move Above 24,800 univel force calls to covers their positions at the 24,800 CE, potentially triggering a sharp rally in the market.
Disclaimer, The views and recommendations giving in this article are that of individual analysts. These do not represent the views of Mint. We Advise Investors to Check With Certified Experts Before Taking Any Investments Decisions.
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