HomeMarket AnalysisMarket Wrap: Sensex, Nifty Ends In The Red On Profit Booking; IT...

Market Wrap: Sensex, Nifty Ends In The Red On Profit Booking; IT Stocks Buck The Trend

On Tuesday, the leading indexes, the Sensex and the Nifty, both finished in the red due to profit booking in a number of chosen heavyweights such as Reliance Industries, Power Grid, SBI, and ICICI Bank. This occurred despite conflicting indications from markets across the world.

In the absence of any new trigger, investors made profit booking part of their positions. The value in the domestic market is much higher than average. A market correction is likely to be triggered as a result of stretched valuations, given the fact that the data for the June quarter has not been better than projected so far.

The stock market as it is now

The Sensex remained volatile during the whole trading day, fluctuating a total of 270 points after beginning 5 points higher at 66,532.98 in comparison to the previous closing price of 66,527.67. The index finished the day with a loss of 68 points, which is equivalent to 0.10 percent, at 66,459.31, while the Nifty finished with a loss of 20 points, also equivalent to 0.10 percent, at 19,733.55.

The BSE Midcap index had a decline of 0.23 percent, underperforming the benchmark Sensex index. During intraday trading, the index reached a new all-time high of 30,497, but it was unable to maintain its gains.

On the other hand, the BSE Smallcap index finished with a gain of 0.50 percent at 35,177.85 after reaching its record high of 35,257.68 throughout the course of the day.

There were 15 equities that finished with gains and 15 stocks that concluded with losses in the Sensex pack of 30 shares. While shares of NTPC, Tech Mahindra, HCL Tech, Mahindra & Mahindra, TCS, and Infosys finished as the top gainers in the Sensex index, Power Grid, Bajaj Finserv, IndusInd Bank, Reliance Industries, SBI, and Maruti concluded as the top losers in the index.

During the course of the trading day on the BSE, 388 different equities, including Hero MotoCorp, Bharat Forge, Dr. Reddy’s Labs, JSW Steel, Lupin, NTPC, and Shriram Finance, reached new 52-week highs. This occurred despite the fact that the market as a whole closed with a mediocre performance.

During this time, the price of crude oil saw a little decline; however, indications of a tighter worldwide supply and demand picture in the United States curbed the losses. Around 4 in the afternoon, the price of a barrel of Brent crude fell by 0.60 percent, reaching $84.92 per unit.

Gainers and losers on the Nifty for the day

The Nifty index’s biggest gainers at the conclusion of the day were shares of Coal India (up 5.21 percent), NTPC (up 3.05 percent), and Tech Mahindra (up 2.38 percent).

On the other hand, shares of Power Grid (which fell by 5.17 percent), Hero MotoCorp (which fell by 3.24 percent), and Apollo Hospitals (which fell by 2.64 percent) finished as the top three decliners in the Nifty index.

Check out the entire list for more information on today’s top gainers and losers, including Tech Mahindra, NTPC, Bajaj Finserv, and Power Grid.

Currently available sectoral indexes

Nifty IT managed to post gains despite the general downward trend seen by other indexes. The final tally for the Nifty IT index showed a respectable increase of 1.20 percent, with every component finishing in green. Additionally, the Nifty Metal index rose by 0.18 percent, the Pharma index rose by 0.06 percent, and the Private Bank index rose by 0.02 percent.

On the other side, the Nifty Realty index finished with a loss of 1.77 percent, making it the sector index that performed the worst. The Nifty PSU Bank, Healthcare, and Oil & Gas indexes all finished in the red, each down 0.52 percent, 0.42 percent, and 0.38 percent, respectively. Nifty Bank saw a loss of 0.13 percent.

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