News Stock Market

Markets take a breather, Nifty closes around 22,400, Sensex above 73,800 in rangebound trade led by oil & gas

The gainers on Monday include NTPC, HDFC Life Insurance, Power Grid Corp, ONGC, and BPCL.

The benchmark equity indices Nifty 50 and Sensex ended Monday’s trading session in positive territory after a rangebound session. The indices took a breather although not before hitting a new all-time high of 22,440.90 on the Nifty. The Nifty 50 closed 27.20 points higher to settle at 22,405.60 points. While S&P BSE Sensex closed with 66.14 points gain to settle at 73,872.29 points. Nifty Bank clocked in 0.34% gains to settle at 47,456.10 .

On the sectoral front, oil & gas and financial services stocks gained the most amongst their peers. The broader indices ended in the green, with gains led by largecap and midcap stocks. The Nifty Midcap 100 closed 95.85 points or 0.20% higher to close the day’s trading at 49,248.90. 

The losers include Eicher Motors, JSW Steel, M&M, SBI Life Insurance, and Britannia. The Indian Volatility Index (India VIX) closed 0.47% lower. 

“The market traded in a range-bound manner due to weak global cues, while investors turned stock-specific due to the prevailing caution on broader indices. Further, the tepid consumption data influenced investors to refrain from FMCG and discretionary stocks. The global sentiment is likely to be cautious ahead of the FED chair testimony and ECB policy later this week. Since inflation is above the target range, the FED is expected to keep its hawkish stance on interest rates and will be watchful of unemployment and nonfarm payroll data for more cues,” Vinod Nair, Head of Research at Geojit Financial Services.

Markets started the week on a muted note and ended almost unchanged, taking a breather after the recent surge.  After the flat start, Nifty hovered in a narrow range till the end and finally closed at 22,405.60 levels. Meanwhile, a mixed trend on the sectoral front kept the traders occupied wherein energy, pharma, and banking edged higher while IT, FMCG, and auto closed in the red.  The broader indices extended underperformance as the smallcap index lost nearly half a percent, said Ajit Mishra, Senior Vice President of Technical Research at Religare Broking.

“It is a healthy pause after the recent surge and participants should continue with a “buy on dips” approach. We reiterate our view to focus on banking for momentum while others would continue to play a supporting role on a rotational basis,” Mishra said. 

Source:financialexpress.com

Leave a Reply

Your email address will not be published. Required fields are marked *