The benchmark equity indices ended Tuesday’s trading session in the negative territory. The NSE Nifty 50 dropped 18.10 points or 0.07% to settle at 24,123.85, while the BSE Sensex falls 34.73 points or 0.04% to 77,441.46. Bank Nifty index ended lower by 406.65 points or 0.77% to settle at 52,168.10.
The broader indices ended in negative territory, with fall led by Small-cap and Mid-cap stocks. Media and IT stocks outperformed among the other sectoral indices while PSU Banks and Auto stocks shed.
Larsen & Toubro, Wipro, Infosys, Tata Consumer Products, and HDFC Bank were the top gainers on the NSE Nifty 50, while the laggards includes Shriram Finance, Kotak Mahindra Bank, Bharti Airtel, Tata Motors, and IndusInd Bank.
Markets rally! Nifty ends near 24,550, Sensex gains 1300; IT stocks shine Markets flat! Nifty ends below 24,150, Sensex holds 79,000 mark; Mining stocks see sharp cut on August 14 August starts on a positive note! Nifty ends session above 25,000, Sensex surpasses 81,850 led by energy and FMCG stocks on August 01 Markets end at intra-day highs! Nifty at 24,950, Sensex over 81,700 led by metal and pharma on July 31
Also Read
The Indian Volatility Index (India VIX) closed down by 1.37 % at 13.64.
“The domestic market took a breather, resonating with the mixed global trend, with the ECB showing caution regarding further rate cuts. In sectoral trends, IT stocks gained due to expected increases in discretionary spending, while auto stocks declined following lower-than-expected monthly volumes,” said Vinod Nair, Head of Research at Geojit Financial Services
Nair also said that, The investors are closely monitoring the progress of the monsoon, the forthcoming Union budget, alongside the US election, which can have potential global economic implications. Recent spikes in US Treasury yields and a gradual rise in crude oil prices are affecting market trends.
Also Read
Commenting on the Bank Nifty fall Rahul Ghose, CEO of Hedged.in said that The Banknifty index slipped down after the gap-up opening & traded below the day’s opening range, which is in the range 52438 to 52828. The increased writing of the call OI at 52300 levels & short covering of the put OI at 52600 levels, indicates Banknifty likely to face resistance in this zone 52300-52600 in first week of July series.
Ghose further added that the Bank Nifty PCR opened at 0.86 levels and dropped to 0.64 levels in second half of the session, indicating the index has fading momentum in the resistance zone, however at lower levels 51700 – 52000 levels value buying may emerge. Market participants must exercise extreme caution & hedge their portfolio to lock the value.
