The benchmark equity indices ended Tuesday’s trading session in the positive territory. The NSE Nifty 50 gained 59.75 points or 0.24% to settle at 25,010.90, while the BSE Sensex jumped 126.20 points or 0.15% to 81,867.55.
The broader indices ended in mixed territory, with gain led by Large-cap and Midcap stocks. Energy and FMCG stocks outperformed among the other sectoral indices while Media and Realty stocks shed.
Sectoral Index
Bank Nifty index ended higher by just 10.60 points or 0.02% to settle at 51,564. The Nifty Midcap 100 falls 500.50 points, or 0.85%, ending the day’s trading at 58,490.40. In the broader markets, small-cap and mid-cap stocks finished in the red.
Top Movers for the day
Maruti Suzuki India, JSW Steel, HDFC Life Insurance, Asian Paints, and NTPC were the top gainers on the NSE Nifty 50, while the laggards includes Britannia Industries, Dr Reddy’s Lab, Apollo Hospitals, Tata Consumers, and Reliance Industries.
The Indian Volatility Index (India VIX) closed down by 2.41 % at 12.93.
Experts on Today’s Market Performance
“The benchmarks started positive taking cues from the global market following the Fed Chair’s indication that a rate cut might be considered at the September meeting due to easing inflationary pressures ,” said Vinod Nair, Head of Research at Geojit Financial Services
Nair also said that the broader market closed on a negative bias due to escalating geopolitical tensions in the Middle East leading to rising crude oil prices. Sector-wise, capital goods and realty were impacted by profit-booking coupled with auto sectors owing to below-expected monthly auto sales figures
Commenting on the same Prashanth Tapse, Senior VP (Research), Mehta Equities said that Overnight gains in the US markets and ongoing optimism over the strong corporate earnings aided benchmark indices to scale fresh all-time highs with Nifty clocking the milestone of 25k mark and Sensex entering the 82k zone. However, weak European market cues and mixed Asian indices tempered the domestic market gains at close.
Tapse also added that Overall trading session was skewed with most of the broader and sectoral indices faltering amid profit-taking whereas metals, oil & gas and power stocks notched up gains, indicating that investors are now getting into cherry picking of stocks instead of mounting full-fledged bullish bets.
Bank Nifty
Commenting on the Bank Nifty today Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas, said that Bank Nifty continued to witness rangebound price action. The consolidation has taken form of a symmetrical triangle pattern. A range breakout shall decide the further trend hereon. Thus, shall maintain our rangebound outlook for the Bank Nifty. The range of consolidation for the Bank Nifty is likely to be 51300 – 52000.
