Stock market today: Domestic equity benchmark indices, Nifty 50 and Sensex ended lower on Monday’s trade dragged by selling in auto, Fast-Moving Consumer Goods (FMCG), metal, realty stocks amid mixed global cues.
The 30-share BSE Sensex ended lower by 139.58 points or 0.21% at 65,655.15 level while the Nifty 50 closed at 19,694 level, down 37.80 points or 0.19%.
On the broader market front, the Nifty Midcap 100 hit a fresh all time high today, and closed 0.11% higher, while the Nifty SmallCap 100 closed flat (0.07%). The fear gauge index, the India VIX rose by 2.70% on Monday.
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Amid growing investor optimism that the Federal Reserve has concluded its cycle of interest rate hikes, Asian stocks traded mixed on Monday, trailing Wall Street’s modest gains.
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According to Bloomberg report, following the brief surge to a new 33-year high for the Nikkei 225 Stock Average, Japanese stocks declined. Due to the strengthening yen, automakers such as Mazda Motor Corp. led the drop.
The Nikkei index increased by 0.8% on Monday to reach its highest level since March 1990. However, it then reversed course and fell by 0.6% to 33,388.03 at the Tokyo market close. After the yen hit its 2023 low earlier this month, exporters led losses in the Nikkei and the larger Topix benchmark. Nikkei 225 index lost 0.59% to 33,388.03.
The Kospi in South Korea rose 0.86% to 2,491.20. S&P/ASX 200 Australia rose 0.13% to 7,058.40. Taiex ended flat at 17,210.47, and the Shanghai Composite index rose by 0.46% to 3,068.32, while Singapore’s FTSE Straits Times Index dropped 0.42% to 3,111.58.
Top Nifty 50 Gainers and Losers
As many as 21 stocks settled in the green in the Nifty 50 index while the rest 27 ended in red.
Shares of Divi’s Laboratories Ltd (up 1.99%), Bharti Airtel Ltd (up 1.74%), Wipro Ltd (up 1.20%), HCL Technologies Ltd (up 1.05%) and Coal India Ltd (up 0.87%) ended as top gainers. On the other side, Adani Enterprises Ltd (down 2.62%), Bajaj Finance Ltd (down 2.15%), Mahindra & Mahindra Ltd (down 1.99%), SBI Life Insurance Company Ltd (down 1.91%), and UltraTech Cement Ltd (down 1.43%) were among the laggards.
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Sectoral indices today
On the sectoral front, apart from Nifty auto (down 0.76%), Fast-Moving Consumer Goods (FMCG) (down 0.39%), metal (down 0.48%), realty (down 0.25%), which ended in red, Nifty IT (up 0.60%), Nifty pharma (up 0.01%), Nifty PSU Banks (up 0.10%) ended in green. Nifty Bank closed flat.
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Experts’ Views on Markets
According to V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT), market is in pause condition before its next big movement. And when it’s comes to sectorial view, Energy, Metal, Auto, Infra and Realty looking weaker as compared to Nifty Pharma it and private banks. Sensex is still trading above its 20,50- and 200-days exponential moving averages (EMAs).
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Hence, a Pull back is expected in next 3-4 days. It’s a record day in Mid Cap Nifty has it has hit a fresh all time high today which indicates that midcaps are working better than large caps as of now but we have to be very selective while picking the stocks for swing trading purposes in the midcap if your view is short term.
“Elevated long-term interest rate trends and a weakening global economy continue to hurt inflows and market movement. While the recent softening of inflation in the US & India and the negative trend of crude are expected to help the view on global equity and India in the short term.
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In that context, the ease in FIIs selling is helping the domestic markets but continues to consolidate primarily due to India’s premium valuation relative to global peers. In this scenario, the IT sector is benefiting; however, valuation continues to be on the higher side compared to long-term history, suggesting a cautious approach in the sector in the medium term,” said Vinod Nair, Head of Research at Geojit Financial Services.
Technical Views
According to Kunal Shah, Senior Technical & Derivative analyst at LKP Securities, the Nifty index is currently trading within a broad consolidation phase, forming an inside bar candle pattern, with support observed at 19,650 and resistance at 19,800.
“For a decisive trending move, the index needs to break out of this range with significant volumes on either side. Despite the consolidation, the broader picture remains bullish, with major support identified in the 19,550-19,500 zone. A break above 19,850 is anticipated to open up room for the index to reach all-time high levels,” explained Shah.
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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 decisions.
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