Mumbai (Maharashtra) [India], August 13 (ANI): The stock markets closed in the red after a flat opening on Tuesday. During trading hours, both the indices, Nifty and Sensex experienced declines.
As per the market analysts, the mixed global sentiments are playing a significant role in the indian stock market.
The NSE Nifty 50 closed down 0.81 per cent at 24,100.50, while the BSE Sensex fell 0.75 per cent to 78,873.
HDFC Bank was the biggest decliner on the Sensex, dropping 3 per cent following the MSCI rebalancing announcement, which revealed an increase in the lender’s weight in two phases instead of one as anticipated.
The stocks of Titan Company, Apollo Hospitals, Dr Reddy’s Lab, Tata Consumer Products, and HCL Tech were the top gainers.
On the other hand, BPCL, HDFC Bank, Shriram Finance, HDFC Life Insurance, and Tata Motors were among the top laggards.
Sector-wise, the Nifty Financial Services, Nifty Realty, and Nifty Private Bank indices fell by up to 1 per cent, whereas the Nifty Consumer Durable index rose by 1.7 per cent.
“The domestic market plunged into red terrain in the latter half, amidst mixed global sentiments. Recent IIP data indicates a lacklustre growth in the major manufacturing sector. Persistent selling by FIIs and elevated valuations are further contributing to the decline,” said, Vinod Nair, Head of Research, at Geojit Financial Services.
According to the data provided by NSDL, Foreign Portfolio Investment or FPIs sold Rs 17404 crore worth of Indian stocks in the month.
“Despite having minimal impact on the recent adverse developments, the market currently shifts attention towards underlying earnings growth, which remains bleak this quarter and may lead to a downgrade if resilience isn’t shown in subsequent quarters,” Nair added.
“The broader market appears to be overbought and is in need of a correction. Amid these, factors such as ongoing political tension, the conflict in the Middle East, a surging inflation rate, and a projected rate hike by the RBI are expected to impact the correction, ” said V.L.A. Ambala, Co-founder of Stock Market Today (SMT).
“During the day, leading private banking stocks HDFC Bank and PSU SBI suffered the most losses compared to other players in the sector. Considering these, the Nifty Index is expected to gain support around the 24,000 and 23,830 levels and meet resistance between the 24,120 and 24,225 levels in the next trading session,” she added.
Observing the market trends, Varun Aggarwal MD, Profit Idea, said, “India’s premium valuation is supported by stable political leadership under Prime Minister Narendra Modi, steady GDP growth of 6-7 per cent, controlled inflation, stable currency, and substantial infrastructure development.” (ANI)
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