Comments
Snapping a sharp rally for three consecutive days, equity benchmarks BSE Sensex and NSE Nifty closed in red on Monday due to profit booking at higher levels and weak cues from Asian markets. The Sensex declined 168.66 points or 0.24 per cent to 71,315.09, while the broader Nifty lost 38 points or 0.18 per cent to 21,418.65.
The broader market, however, continues to advance with BSE SmallCap gaining 0.48 per cent, BSE MidCap (0.28 per cent) and BSE 500 (0.04 per cent).
Within the Sensex pack, Sun Pharma gained 1.23 per cent followed by Reliance Industries (0.99 per cent), Bajaj Finance (0.92 per cent) and HCL Tech (0.80 per cent). However, Power Grid Corporation lost 2.34 per cent, ICICI Bank (1.59 per cent), JSW Steel (1.46 per cent) and ITC (1.45 per cent) were the top losers.
Among the sectoral indices, BSE Services was top gainer with 1.50 per cent followed by BSE Telecommunications (0.81 per cent), BSE Capital Goods (0.75 per cent) and BSE Industrials (0.60 per cent). On the other hand, BSE Realty (0.98 per cent), BSE Bankex (0.58 per cent), BSE Utilities (0.34 per cent), BSE Financial Services (0.32 per cent) were the major laggards.
Of the 4,028 stocks traded on BSE, 2,120 advanced, 1,778 declined and the 130 stocks remained unchanged. Notably, 385 stocks hit 52-week high and 24 stocks hit 52-week low.
According to market experts, banking and IT stocks were muted after several US Fed officials hinted that the central bank might not cut rates next year.
“Global equities fell as traders took a step back following last week’s rally, with officials of global Central banks looking to temper expectations the interest rates will be cut several times next year,” Deepak Jasani, Head of Retail Research, HDFC Securities, said.
“Nifty could now stay in the 21287-21492 band for the near-term. High level of the broader indices is weighing on the minds of participants, but dips are getting bought into,” he added.
‘Sentiment remains bullish’
Siddhartha Khemka, Head-Retail Research, Motilal Oswal Financial Services Ltd, said that the sentiment remains bullish on the back of robust domestic economic data, healthy corporate earnings, and strong FII flows.
“However, given the recent strong rally, bouts of volatility can’t be ruled out. Apart from BoJ policy meet, European CPI data and China’s trade balance would be important events to track on Tuesday,” he added.
Foreign portfolio investors (FPIs) sold equities worth ₹33.51 crore, show exchange’s provisional data.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.