Indian equity benchmarks closed Monday’s session in the red as the US government raised H-1B visa fees. This hammered IT stocks, which dragged markets. The Nifty 50 closed the day 125 points or 0.49% lower at 25,202, and the Sensex fell 466 points or 0.56% to end at 82,160.
In line with the benchmarks, the Nifty Bank settled 174 points or 0.49% lower at 55,285. The small and midcap stocks also closed lower. The BSE Midcap declined 366 points, or 0.78%, at 46,501. On the other hand, the BSE Smallcap finished 388 points or 0.71% higher at 54,233.63.
“The 25,000 level remains a crucial psychological support, and as long as the Nifty sustains above it, a buy-on-dips strategy remains appropriate, said Nilesh Jain, Head of Technical and Derivatives Research Analyst at Centrum Broking. Momentum indicators and oscillators continue to signal strength on both daily and weekly timeframes. A decisive move above the 25,400 level will be essential to trigger the next leg of the uptrend, he added.
5 big highlights from today’s market action-
Indices in intraday trade
The indices closed Wednesday’s session on a positive note. During the session, out of 3,205 trading stocks, 1,186 advanced, while 1,920 declined, and 99 remained unchanged. Today, 107 stocks hit a fresh 52-week high. Meanwhile, 53 stocks touched a new 52-week low.
Top gainers
Adani Enterprises was the top gainer in the Nifty 50 in Monday’s session, closing 3.98% higher. It was followed by Zomato (Eternal), Bajaj Finance, Adani Ports and SEZ, and UltraTech Cement.
Top losers
Tech Mahindra’s shares were the biggest losers in today’s trade, declining 3%. It was followed by Tata Consultancy Services, Infosys, Cipla, Wipro, and many others.
Top sectors in Monday’s trade
The Information Technology sector’s stocks fell the most in Monday’s strong trade, falling 2.5% in the market capitalisation. Further, Beverages-Non Alcoholic stocks were followed by the Leather sector stocks, which were further followed by the Digital sector stocks. The Retail stocks stood behind the Acquaculture sector. However, the Glass sector stocks rose the most.
Best and worst performing business groups
Despite a weak trade, the Adani Group’s market cap rose the most in today’s session, rising 6%. It was followed by the Muthoot Group. Apart from that, the IIFL Group’s market capitalisation declined the most, falling 2.65%. In the list of IIFL Group stocks, IIFL Capital Services’ share lost 3.4%.