Stock market today: Domestic equity benchmark indices, the Sensex and Nifty 50, ended lower on Monday’s session amid mixed global cues.
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Stock market today: Domestic equity benchmark indices, the Sensex and Nifty 50, ended lower on Monday’s session amid mixed global cues. Asian markets were dragged lower during today’s session by diminishing hopes of an early US rate cut, and the benchmark indexes were impacted by a drop in financials that weighed on gains in oil-related companies and Tata Motors. The new week began quietly for the domestic stock indices. Before giving up gains in the last hour of trading, both indices rose by around 0.5% in the session.
The 30-share BSE Sensex ended lower by 354.21 points or 0.49% at 71,731.42 level while the Nifty 50 closed at 21,771.70 level, down 82.10 points or 0.38%.
On the broader market front, the Nifty Midcap 100 closed 0.14% lower, and the Nifty SmallCap 100 closed 0.26% higher.
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Following their 52-week low on Monday’s trading session, many stocks were the centre of focus, including UPL, Paytm, SBI Cards and Payment Services, Navin Fluorine International, Vedant Fashions, and Sharda Cropchem.
Reports stated that analysts believed the indexes’ weak performance may be caused by the US Federal Reserve’s ambiguous direction on easing its monetary policy stance and the Budget document’s lower-than-expected capital expenditure markup. Conversely, some said it was only a slight profit booking.
Besides, Q3 earnings of companies, investors will be closely watching the three-day RBI monetary policy meeting that begins on Tuesday as we go further into this week.
“Profit booking was the order of the day after the US Nonfarm Payrolls (NFP) for January rose to 353K from 333K in December, stronger than expected. If today’s price action at Dalal Street is any indication then volatility and choppiness is likely to preferred theme with an inter-week perspective.
Nifty 50’s biggest support is placed at 21,407 mark. Technically, the landscape will be positive as long as Nifty 50 trades above 21,137 mark with aggressive targets at 22,127 mark. Nifty’s 200 DMA at 19,653 mark,” said Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities.
Top Nifty 50 gainers and losers today
As many as 17 stocks settled in the green in the Nifty 50 index while the rest 33 ended in red.
Shares of Tata Motors Ltd (up 5.80%), Coal India Ltd (up 5.12%), Bharat Petroleum Corporation Ltd (up 3.14%), Sun Pharmaceutical Industries Ltd (up 3.06%) and Cipla Ltd (up 2.85%) ended as top gainers.
On the other side, UPL Ltd (down 10.92%), Bajaj Finance Ltd (down 3.24%), Bharti Airtel Ltd (down 3.23%), HDFC Life Insurance Company Ltd (down 2.68%), and, Grasim Industries Ltd (down 2.59%) were among the laggards.
Sectoral indices today
Amongst sectoral indices, Nifty IT, Nifty FMCG, Nifty Bank, Nifty Media, Nifty PSU Bank, Nifty financial services closed in red, and were down 0.2-0.8%. On the other side, Nifty Metal (up 0.4%), Nifty Auto (up 1.21%), Nifty Pharma (up 1.79%), Nifty Realty(up 0.77%), Nifty Oil & Gas (up 1.44%) ended in green.
Navigating a choppy market Monday, Nifty grappled to surpass 21,800 settling at 21,771.70, marking a loss of 0.38%. The financial sector faced headwinds contributing to a broader sideways movement in the market.
Also Read: NBCC: This PSU stock gained over 110% just in a month, jumped nearly 400% in a year
Experts’ Views on Markets
According to Om Mehra, Technical Analyst, SAMCO Securities, navigating a choppy market Monday, Nifty 50 grappled to surpass 21,800 settling at 21,771.70, marking a loss of 0.38%. The financial sector faced headwinds contributing to a broader sideways movement in the market.
In contrast the Nifty PSE, Pharma, Energy, and Auto sectors remained positive. The ongoing Q3 earnings season injected volatility in various sectors and stocks.
“The day’s closure saw Nifty 50 forming a bearish candle with the 20-day Simple Moving Average acting as immediate support at 21,600. Meanwhile, the formidable upper Bollinger band is a robust resistance, positioned at approximately 22,000. Additionally, 21,950 remains the level from where the Nifty has slipped in the previous two sessions. It would be important to watch out for these levels in the coming sessions.
Bank Nifty closed at 45,825.55 registering a marginal 0.32% decline, marking a consecutive fall. Private Banks showing weakness failed to support the index and an intraday pullback met selling pressure. Remaining below the 20 and 50 Simple Moving Averages, Bank Nifty has immediate support at 45,200 levels. On the upside, the 50% Fibonacci retracement at 46,400 poses important resistance,” explained Mehra.
Also Read: Bank of India shares slump 8% despite robust Q3 earnings
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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Published: 05 Feb 2024, 03:30 PM IST
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