The benchmark equity indices ended Monday’s trading session in the negative territory. The NSE Nifty 50 dropped 20.50 points or 0.08% to settle at 24,347.00, while the BSE Sensex fell 56.98 points or 0.07% to 79,648.92.
The broader indices ended in mixed territory, with gain led by small-cap and Mid-cap stocks. Realty and Metal stocks outperformed among the other sectoral indices while PSU Banks and Media stocks shed.
Sectoral Index
Bank Nifty index ended higher by 93.45 points or 0.19% to settle at 50,577.95. The Nifty Midcap 100 jumped by 156.20 points, or 0.27%, ending the day’s trading at 50,577.95. In the broader markets, small-cap and mid-cap stocks finished in the green.
Top Movers for the day
ONGC, Hero Moto Corp, Axis Bank, JSW Steel and Divis Lab were the top gainers on the NSE Nifty 50, while the laggards includes Adani Ports and SEZ, NTPC, Dr Reddy’s Lab, Britannia, and Adani Enterprises.
The Indian Volatility Index (India VIX) closed up by 3.47 % at 15.87.
Experts on Today’s Market Performance
“The Indian market concluded relatively flat, with its initial path being eclipsed by continuation of the Adani-Hindenburg-SEBI saga. However, the market tried to brush away these noises, taking positive cues from global markets,” said Vinod Nair, Head of Research at Geojit Financial Services
Nair also said that the domestic market is anticipating ease in CPI inflation, which is going to be further supported by a good monsoon. Yet, the upside risk remains, given firm oil prices and volatility in food inflation.
Commenting on the same Ajit Mishra – SVP, Research, Religare Broking said that The markets started the week on a volatile note due to mixed signals but ended largely unchanged. After an initial decline, the Nifty experienced sharp fluctuations in both directions, ultimately settling at the 24,347 level. Sectoral trends were mixed, with realty and metal sectors posting gains, while FMCG and energy sectors ended in the red. Notably, the broader indices outperformed the benchmark, closing slightly in the green.
Mishra also added that Nifty struggled to maintain its position above the short-term moving average resistance of the 20-day EMA at 24,400, primarily due to pressure from select heavyweight stocks. This trend may persist until we see a more decisive movement in banking majors. In the meantime, traders should avoid aggressive long positions and stick to a hedged approach. In addition to earnings reports, the focus will be on global markets for further cues.
Bank Nifty
Commenting on the Bank Nifty today Tejas Shah, Technical Research, JM Financial & BlinkX said that The Bank Nifty was clearly an outperforming sector as compared to Nifty in today’s trading session. However, it is showing a lot of resilience around 50,700-50,900 levels on an immediate basis and we need to witness a decisive close above 51,100 Mark for further strength in Bank Nifty. On the downside, the support zone lies at 50,300-350 / 49,650-700 while the resistance is seen at 50,700 / 51,000-100.