Stock Market Update: Market Ended in Red, Sensex Closed at 58,177, Nifty at 17,355

The Indian market on Monday closed in the red, the benchmark BSE Sensex ended at 58,177.76, down 127.31 points, or 0.22 per cent. On the other hand, the broader Nifty ended on 17,355.30, down 13.95 per cent, or down 0.08 per cent.

?Indices remained rangebound in trade today after a stellar run in Index stocks during the past few weeks making India one of the best-performing markets globally last month. Action however was seen in select Small & Midcap names as consolidation in several sectors have benefited select companies who have used the Pandemic to gain share. Market Participants were however picking their spaces as valuations are pricey with several stocks trading at 3.5x price to book,” S Ranganathan, Head of Research at LKP securities said.

On NSE, Coal India, Hindalco, Kotak Bank, Tata Steel, BPCL, Reliance were among the top gainers, While Reliance, ICICI Bank, SBI Life, Hindustan Unilever, HDFC Bank, were among the laggards.

On NSE, Coal India, Hindalco, Kotak Bank, Tata Steel, BPCL, Reliance were among the top gainers, While Reliance, ICICI Bank, SBI Life, Hindustan Unilever, HDFC Bank, were among the laggards.  On BSE, Hind Copper, Usha Mart, Action Reconstruction Ltd, Polyplex Corporations were the top performers while Future Consumers, Aegis Logistics Ltd were the top losers.

Sectorally, Nifty Bank, Nifty Financial Services, Nifty Private Bank, Nifty PSU Bank, Nifty Consumer Durable and Nifty Oil and gas ended in the red while Nifty Media, Nifty Metal were the top performers. BSE MidCap rose by 0.32 per cent while BSE Small Cap rose by 0.80 per cent.

“On the back of weak global cues, the benchmark index started the day on a negative note and made a low at 17269.65 in the early session. After that, witnessed further recovery from the day low, the nifty index settled near 17351.30 levels while Banknifty managed to close at 36471.80 levels with half a percent fall. Most of the sector indices traded on a mixed note wherein Nifty Metal, IT & Media were the gainer with a 1% upside move. Stocks like COALINDIA, HINDALCO, TCS & WIPRO were the top performers while RELIANCE, ICICIBANK, HDFCBANK were the top loser for the day. Technically, the nifty index is in a bullish trend and continuously hovering above 17250 marks, which acts as immediate support for the index. On the daily charts, the index has been consolidating between the ranges of 17400-17250 levels; any breakout above 17400 will accelerate the rally towards the new milestone. All the important key indicators are supporting the upward rally in the index. At present, the nifty has resistance around 17450 levels while on the downside, 17250 may act as support for the index,” Sachin Gupta, AVP, Research, Choice Broking said.

On Monday, Asian bourses also opened in red. Tokyo’s benchmark Nikkei 225 index was down 0.13 percent, or 40.25 points, at 30,341.59 in early trade, while the broader Topix index slipped 0.44 percent, or 9.13 points, to 2,082.52. On the other hand, The benchmark Hong Kong equities sank more than one percent in the first few minutes of trade on Monday following another sell-off on Wall Street fuelled by fresh inflation concerns. The Hang Seng Index fell 1.22 percent, or 320.61 points, to 25,885.30. The Shanghai Composite eased 0.10 percent, or 3.86 points, to 3,699.25, while the Shenzhen Composite Index on China’s second exchange edged up 0.07 percent, or 1.78 points, to 2,503.79. On Thursday, the BSE Benchmark Sensex closed in green at 58,305, up 54.81 points, or 0.09 per cent. On the other hand, the broader Nifty was trading at 17,357.35, up 3.85 points, up 0.02 per cent.

The BSE Benchmark  Sensex on Monday opened in red  and was trading at 58,142.27, down 162.8 points , or 0.28 per cent. On the other hand, the bluechip index Nifty50 was trading at 17,339, down 30 points, or 0.17 per cent. The Indian market opened in the negative territory, factoring in the negative global cues as Asian markets treaded the negative path on Monday.

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