Benchmark equity indices, Sensex and Nifty, witnessed a mixed closing on Monday, reflecting the volatility in the trade amidst weak trends in global markets. The BSE Sensex, comprising 30 shares, experienced a dip of 9.37 points or 0.01 percent, settling at 62,970, marking its third consecutive day of decline. Throughout the day, the Sensex reached a high of 63,136.09 and a low of 62,853.67. The NSE Nifty, on the other hand, edged up by 25.70 points or 0.14 percent to settle at 18,691.20, fluctuating between 18,722.05 points and 18,646.70 during the day’s trade.
Vinod Nair, the Head of Research at Geojit Financial Services, highlighted that the global market exhibited a negative bias due to concerns regarding economic growth, primarily driven by political instability in Russia. As one of the largest oil producers, Russia’s political turmoil raised worries over potential supply disruptions, leading to an increase in oil prices. This instability, in turn, impacted sentiment in global markets.
While the market experienced limited downside, thanks to support from the pharma and auto sectors, selling pressure on heavyweights like Reliance Industries, HDFC twins, and Tata Consultancy Services limited the overall gains. Notable laggards among the Sensex constituents were Tata Consultancy Services, Reliance Industries, NTPC, Bharti Airtel, Power Grid, Larsen & Toubro, HDFC Bank, Kotak Mahindra Bank, Tech Mahindra, and HDFC. Conversely, Maruti emerged as the top gainer, rising by 1.67 percent. Other notable gainers included Tata Motors, Titan, UltraTech Cement, Bajaj Finserv, Mahindra & Mahindra, State Bank of India, and IndusInd Bank.
The Asian markets had mixed performances, with Seoul ending in the green, while Tokyo, Shanghai, and Hong Kong settled lower. European equity markets were also trading lower, and the US markets closed in negative territory on Friday. Shrikant Chouhan, Head of Research (Retail) at Kotak Securities Ltd., stated that weak cues from Asian and European markets dampened domestic market sentiment, resulting in mixed performances within a range-bound session. In times of high uncertainty, investors were cautious about taking long positions, as global markets heavily influenced trends in the Indian market.
In the broader market, the BSE midcap gauge recorded a climb of 1.04 percent, while the smallcap index jumped by 0.71 percent. The healthcare sector saw the most significant advancement, rising by 1.45 percent, followed by the auto sector, which jumped by 1.04 percent. Other sectors that experienced gains included consumer durables (0.98 percent), consumer discretionary (0.89 percent), commodities (0.66 percent), and FMCG (0.60 percent). However, the energy sector emerged as the only laggard.
Globally, the Brent crude oil benchmark climbed by 0.45 percent to reach USD 74.18 per barrel, driven by concerns over potential supply disruptions due to political instability in Russia. Additionally, foreign institutional investors (FIIs) offloaded equities worth Rs 344.81 crore on Friday, as per exchange data. On the previous trading day, the Sensex declined by 259.52 points or 0.41 percent to settle at 62,979.37 points, while the
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