BSE Sensex and Nifty 50 futures: Current state of the stock market: Due to weak global cues ahead of important macro data, information technology (IT), metals, pharmaceuticals, and bank stocks contributed to the lower closing of the domestic benchmark equity indices, the Sensex and the Nifty 50 futures, on Monday.
Ahead of a big US inflation report that could affect the Federal Reserve’s future rate trajectory later this week, IT stocks saw a 1.17% decline. IT companies receive a substantial amount of their revenue from the US. Asian markets stayed quiet in front of big inflation data later in the week, especially from Europe and Japan.
Bse sensex after the market hours
The Nifty was down 90.70 points, or 0.41 percent, at 22,122, and the Sensex was down 352.67 points, or 0.48 percent, at 72,790.13 at the close. A little over 1538 shares rose, 1907 shares fell, and 107 shares remained unchanged. On the Nifty, the top losers are Asian Paints, Hindalco Industries, Apollo Hospitals, Divis Labs, and Titan Company; the top winners are Power Grid Corp., L&T, Adani Enterprises, BPCL, and Tata Consumer. Sector-wise, Bank and Pharma saw a 0.5 percent decline, while Information Technology and Metals saw a 1 percent decline. However, capital goods, power, and oil and gas all increased by 0.5–1%. The BSE Smallcap index finished flat, while the BSE Midcap index dropped 0.4 percent.
Nifty 50 futures charts and levels
The Nifty 50 takes a break following its incredible rally last week. “Most sectoral indices and broader markets experienced profit-booking pressure, resulting in a negative closing value for the day,” stated Prashanth Tapse, Senior Vice President of Research at Mehta Equities and Research Analyst.
The Nifty 50 closed at 22,122.05, down 90.65 points or 0.41%. The Nifty SmallCap 100 closed 0.26% lower and the Nifty Midcap 100 closed 0.36% lower on the overall market front.
After the recent surge, the market relaxed this week as investors turned their attention from earnings to economic catalysts. The central bank’s decision on interest rates, which will determine market sentiment in the near future, will be influenced by economic data such as the GDP figures for the US and India, the inflation rate in the eurozone, and the US jobless claim data. Oil prices declined due to US inventory levels and demand uncertainty, according to Vinod Nair, Head of Research at Geojit financial services.
Asian markets dropped on Monday amid a flurry of data this week that will help refine expectations for potential rate hikes by central banks, according to a Reuters report. In the meantime, most currencies remained steady. Singaporean stock prices dropped by as much as 1%, hitting their lowest point since February 15.South Korea’s stock market fell 1.4%.
The Nikkei in Japan closed in green on Monday, while the Shanghai Composite Index in China and the Hang Seng in Hong Kong closed in red.
Today’s top Nifty 50 futures gainers and losers
In the Nifty 50 index, up to 12 stocks finished in the green while the remaining 37 finished in the red.
Larsen & Toubro Ltd saw a 2.43% increase in holdings, Adani Enterprises Ltd rose by 1.67%, Tata Consumer Products Ltd by 1.53%, Power Grid Corporation of India Ltd by 1.99%, and SBI Life Insurance Company Ltd by 1.49%.
Conversely, Tech Mahindra Ltd (down 2.00%), Divi’s Laboratories Ltd (down 2.05%), Hindalco Industries Ltd (down 2.47%), Asian Paints Ltd (down 3.95%), and Apollo Hospitals Enterprise Ltd (down 2.62%).
Sectoral indices At present
The two largest losers were the Nifty IT and the Nifty Metal index, which fell 0.94% and 1.17%, respectively.
Nifty Pharma (down 0.48%), Nifty PSU Bank (down 0.50%), Nifty Healthcare (down 0.84%), Nifty Media (down 0.37%), Nifty Bank (down 0.50%), and Nifty Financial Services (down 0.28%) were among the other laggards.
Conversely, the only two gainers were Nifty Oil & Gas (up 0.12%) and Nifty Auto (up 0.12%).
Expert Opinions on the Markets
Tejas Shah, Technical Research, JM Financial & BlinkX, reports that the Nifty 50 closed at 22,122 after losing 91 points during the day. Considering global cues from yesterday’s session, it got off to a weak start and stayed that way for the duration of the trading session.
The fact that the Nifty 50 is closing above the psychological support level of 22,000 is a positive key takeaway. The short-term moving averages, which are slightly below the current price movement, ought to sustain the indices during every downturn. The Nifty 50 currently finds support at levels of 22,075 and 22,000. On the upper side, the next resistance is at 22,500 levels, and the Nifty 50’s current resistance zone is between 22,250 and 300 levels.
In comparison to Nifty during yesterday’s trading session, the Bank Nifty was a poorly performing sector. The Bank Nifty short-term trading chart setup is still favourable, though. The most crucial thing to remember about the Bank Nifty is that it is maintaining its resistance above the 50 Day Exponential Moving Average, which is presently trading at 46,233, and is recovering from its lower levels. Tejas clarified that the resistance is located at 46,800-900 / 47,350-400, while the support zone is located at 46,400-500 / 46,000-200 on the downside.
The rupee gained 0.05 rupees to close at 82.88 against the US dollar, supported by the dollar index’s low value near 103.75$. The rupee’s ability to stay above 83.00 was helped by the dollar index’s decline. Further support for the rupee’s rise towards 82.50 could come from lower-than-expected data releases this week, including GDP, CB consumer confidence, new home sales, and core durable orders. Traders will be busy reacting to the influx of data for both the US dollar and the rupee amid numerous economic releases planned for the week. The Rupee’s range is expected to fluctuate between 82.70 and 83.15, reflecting the ongoing volatility and uncertainty in crypto markets.
Disclaimer: The information in this “Stock Profile” blog post is for informational purposes only. It is not financial advice. Always consult a qualified expert before making investment decisions.
