Indian benchmark equity indices reversed their early gains and closed in the red after inching closer to fresh record highs on Monday, amid profit-taking at higher valuations, and being dragged by banking, financial, and auto stocks. Broader peers, however, extended their rally to log record levels.
The 30-share BSE benchmark Sensex declined 216 points or 0.34% to settle at 63,168. The broader NSE Nifty dropped 70 points or 0.37% to end at 18,755.
Among Sensex stocks, Kotak Mahindra Bank, Axis Bank, NTPC, HUL, ICICI Bank, and Bharti Airtel closed lower. On the other hand, Bajaj Finance, Bajaj Finserv, Tech Mahindra, TCS, Sun Pharma and Titan ended with gains.
Sector-wise, Nifty Private Bank declined 0.89%, and Nifty Auto fell 0.62%. Nifty FMCG and Nifty Realty also closed lower. In the broader market, Nifty Midcap100 and Smallcap100 hit their new 52-week highs, rising 0.04% and 0.27%, respectively.
The market breadth was skewed in the favour of the bears. About 1,990 stocks declined, 1,669 gained, and 168 remained unchanged on the BSE.
Global Markets –
Global shares drifted on Monday, consolidating gains after hitting a 14-month high last week, as investors awaited testimony from US Federal Reserve Chair Jerome Powell in markets that remain dominated by monetary policy bets.In Europe, the Stoxx 600 share index fell 0.5% in early trading.
In Asia, Japan’s Nikkei tumbled 1%, edging down from three-decade highs. Chinese blue chips fell 0.9%, while Hong Kong’s Hang Seng index slumped 1.2%, as investors’ hopes of forceful economic stimulus from Beijing were dashed by the lack of concrete details from a cabinet meeting on Friday.
Nifty futures opened at 18920.00 points against the previous close of 18899.15 and opened at a low of 18789.15 points. Nifty Future closed with an average movement of 134.30 points and a decline of around 58.95 points and 18840.20 points…!!
On the NSE, the midcap 100 index will rise 0.04% and small cap100 index is closing rise 0.27%.
At the start of intra-day trading August gold opened at Rs.59272 fell from a high of Rs.59370 points to a low of Rs.59153 with a decline of 189 points, a trend of around Rs.59165 and JULY Silver opened at Rs.72540, fell from a high of Rs.72977 points to a low of Rs.72414 with a decline of 161 points, a trend of around Rs.72527.
Meanwhile, Indian equities shied away from closing at all-time high levels amid profit booking, primarily driven by private banks. Global markets also took a breather after a strong rally last week as investors looked forward to China’s rate decision and the Fed chair’s testimony, Indian equities started the week on a steady note. Near the record levels, bearish divergence in RSI and weakness of the banking counters dragged the Index lower to end the session.
Technically, the important key resistances are placed in Nifty future are at 18840 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 18880 – 18939 levels. Immediate support is placed at 18787 – 18707 levels.