Today, on the occasion of monthly expiry of Nifty, profit-booking was seen in the domestic stock market. The markets closed with a decline. Nifty fell almost 100 points and closed below the 24,000 level. Sensex fell 416 points to close at 76,886. Due to heavy selling in public sector bank shares, Bank Nifty fell 863 points to close at 55,400. On the contrary, Nifty Midcap Select rose 44 points to 13,976 and Nifty Smallcap index rose 75 points to 17,976, maintaining underlying strength in the broader market.
Which stocks rose and which fell?
Among Nifty 50 stocks which were under pressure, Axis Bank, HCL Tech, InterGlobe Aviation and Shriram Finance saw a decline of 2.2% to 3%; These were the biggest losing stocks today. On the other hand, Adani Enterprises, Reliance Industries, Nestle and Dr. Reddy’s supported Nifty. These stocks registered a rise of 2% to 4% and emerged as the top gainers in the index.
Strong buying was seen in the Oil & Gas sector. Chennai Petroleum gained 7%, while ONGC, Adani Total Gas and Gujarat Gas closed with gains of 5.21%, 3.5% and 1.92% respectively. Investors remained interested in the sector due to its strong correlation with crude oil and energy-related topics.
There was considerable volatility in stock prices reacting to recent earnings results. Piramal Finance gained 9%, Tamilnad Mercantile Bank gained 5% and Coal India closed with a gain of 3%. However, The Leela Palaces witnessed weakness and fell by almost 3%. Among the stocks that faced selling pressure during the day, Rallis India, GMDC, City Union Bank and Authum Investment fell 7%, 6%, 5.9% and 6.32% respectively to close near their intraday lows. Among the biggest losers in the broader market, Tata Technologies closed down 3.77%, followed by India Cements (3.57%), Zensar Tech (3.36%), and SBI Cards (3.23%). On the contrary, top gainers in the broader market were Cohance Lifesciences (up 10%), Tata Chemicals (9%), Unimech Aerospace (8%), and KNR Constructions (7%).
After market opening, Sensex was trading 130 points down at 77,172. Nifty was trading around 24,070, down 22 points. Bank Nifty showed more weakness due to selling pressure in public sector bank shares; This index was trading 361 points down at 55,902. PSU Bank Index fell by more than 1%.
Today trading opportunities were available on both long and short sides.
– Nifty slipped below the important resistance level of 24,175.
– As expected, Bank Nifty remained weak.
– As a result, no ‘Buy’ recommendation was issued at any price level today.
Movement in mid-cap and small-cap stocks remained positive.
– Ups and downs were expected, because today was the expiry of options.
– Recovery was seen in the market in the morning, due to yesterday’s data related to FII and DII flows.
However, crude oil prices crossed the important and worrying level of $110 per barrel.
The fall in rupee also increased the pressure on the market.
Due to all these reasons, there was a sharp decline in the markets.
– Contradictory statements emerged from sources regarding the ongoing talks and possible deals between America and Iran.