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Benchmark indices opened lower on Wednesday’s trade. Sensex traded at 73,551.61, down by 125.52 pts pr 0.17 per cent at 9.58 am, and Nifty 50 was at 22,303.10, down by 53.20 pts or 0.24 per cent.
The majority of sectoral indices traded in red, except for bank, private bank, and financial service indices. Nifty media declined by 1.77 per cent to trade at 1,954.35, and Nifty metal was down by 1 per cent to trade at 8,217.85. Meanwhile, Nifty Bank traded at 47,695.40, positive by 0.24 per cent.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, emphasised, “The impact on the market would be the outperformance of Bank Nifty over Nifty. Another trend that has started is the underperformance of the small-cap index. This trend also is likely to continue since small-cap valuations continue to be excessive.”
Commenting on nifty outlook, Anand James, Chief Market Strategist, Geojit Financial Services, said, “The dips yesterday did not need to extend as far as we expected to see a pause. However, the upswing thereof failed to push much beyond the 22380 region, confirming the exhaustion signals that we had discussed yesterday. Towards this end, we expect continued slippage, at least into the 22220-180 region initially. Alternatively, direct rise above 22450 or persistent buying from within the 22350-320 region could revive the 22800 hopes.”
“Nifty is likely to consolidate at around the present levels. Dips will be bought since institutional buying has been strong. Sentiments are a bit weak in the NBFC space due to RBI’s restrictive actions against some NBFCs,” Vijaykumar added.
Meanwhile, Vaishali Parekh, Vice President of Prabhudas Lilladher Pvt Ltd., has stated that the support for the day is seen at 73200/22200, while the resistance is seen at 74100/22500. Bank nifty would have a daily range of 47100-48200.
Stocks that gained on the NSE as of 9.40 am were SBI Life Insurance (0.92%), Bajaj Auto (0.84%), Kotak Bank (0.83%), Nestle India (0.70%), and ICICI Bank (0.49%), meanwhile, stocks such as Power Grid (-1.47%), ONGC (-1.36%), Adani Ports (-1.20%), Tata Steel (-1.09%), and Adani Enterprises (-1.08%) were major laggards.
Torrent Pharmaceuticals hit a 52-week high today at ₹2,742.60, and currently trades at ₹2,682, up by 0.75 per cent, on the completion of USFDA inspection at the company’s oral-oncology manufacturing facility situated in Bileshwarpura, Gujarat.
IIFL Finance stock traded at the lower circuit at ₹382.20, down by 20 per cent on the NSE, and JM Financial stock slumped 16.03 per cent to trade at ₹80.15.
LTIMindtree Limited has executed a shareholder’s agreement with Global Digital Integrated Solutions Company, a wholly owned subsidiary of Saudi Arabian Oil Company, to set up a joint venture in Saudi Arabia. The stock traded at ₹5,131 on the NSE, down by 0.01 per cent.
G R Infraprojects stock declined by 3.45 per cent on the NSE, trading at ₹1,178.15 as of 10 am, after the company informed about sale of shares held by few members of promoter group in the open market for minimum public shareholding.
Mahanagar Gas stock tumbles down by 14.31 per cent on the BSE as of 10.13 am, to trade at ₹1,340.90.
NHPC stock hit a 52-week high yesterday at ₹115.85 after it started developing the 1,200-MW Jalaun Ultra Renewable Energy Power Park in Uttar Pradesh. As of 10.09 am on Wednesday, shares trade at ₹91.65 on the NSE, down by 0.87 per cent.
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