Nifty, Sensex End Lower For Second Straight Session Ahead Of Budget: Market Wrap

The benchmark equity indices closed lower for the second consecutive session on Monday as investors look forward to the Union Budget 2024–25 and more corporate earnings.

The NSE Nifty 50 ended 21.65 points or 0.09%, down at 24,509.25, while the S&P BSE Sensex closed 102.57 points or 0.13%, down at 80,502.08. Intraday, both indices rose over 0.2%.

Considering the budget outcome, wild swings can be expected on both sides and 24,200 will be considered immediate support for the Nifty, while the higher side seems to be capped at 24,800, according to Aditya Gaggar, director of Progressive Share Brokers.

Shares of Reliance Industries Ltd., Kotak Mahindra Bank Ltd., ITC Ltd., Wipro Ltd. and ICICI Bank Ltd. dragged the Nifty the most.

HDFC Bank Ltd., Infosys Ltd., Mahindra & Mahindra Ltd., NTPC Ltd. and Larsen & Toubro Ltd. limited the losses.

Sectoral indices on the NSE were mixed at close. The Nifty Auto and Metal rose the most, while Media was the top loser.

The broader markets outperformed the benchmark indices, as the BSE MidCap and the SmallCap were 1.26% and 0.88% higher, respectively.

On the BSE, 14 out of the 20 sectors advanced, with power rising the most and energy declining the most.

The market breadth was skewed in favour of the buyers as 2,150 stocks rose, 1,845 declined and 151 remained unchanged on the BSE.

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