Sensex, Nifty Start 2024 On Tepid Note After Selloff In Last Hour: Market Wrap
The S&P BSE Sensex settled 31.68 points, or 0.04%, higher at 72,271.94, while the NSE Nifty 50 gained 10.50 points, or 0.05%, to end at 21,741.90.
India's benchmark indices ended the first day of 2024 little changed on Monday as market participants indulged in profit booking after both indices hit record highs on Monday.
The S&P BSE Sensex settled 31.68 points, or 0.04%, higher at 72,271.94, while the NSE Nifty 50 gained 10.50 points, or 0.05%, to end at 21,741.90.
Both Nifty and Senex hit a record high of 21,834.35 and 72,561.91, respectively, on Monday.
"The markets started the new year on a tepid note, but PSU Banks and IT stocks took the lead and supported the index to recoup its losses. In the last session, FMCG and metal counters propelled the rally. However, due to a steep profit booking fall in the last session, the index erased its gains to end the first trading session of the new year at 21,741.90, with a marginal gain of 10.50 points," Aditya Gaggar, director of Progressive Share Brokers Pvt. said
"Mid and small caps extended their morning gains and outperformed the frontline index. On the daily chart, the index has formed a Gravestone Doji candlestick pattern, which indicates the rejection at the higher end. The possibility of a bearish divergence still persists and if the same is confirmed, then we can see a correction to 21,500. On the flip side, a convincing close above 21,800 will be considered a failure of divergence," he said.
Adani Enterprises Ltd., ICICI Bank Ltd., ITC Ltd., Infosys Ltd. and Nestle India Ltd. positively contributed to the Nifty 50.
Whereas, Axis Bank Ltd., Bharti Airtel Ltd., Eicher Motors Ltd., HDFC Bank Ltd. and Mahindra & Mahindra Ltd. weighed on the index.
On the NSE, nine of the 12 sectoral indices advanced, while three declined. Nifty Media and Nifty Oil & Gas rose the most, while Nifty Financial Services fell the most.
Broader markets outperformed the benchmark indices, with the S&P BSE MidCap ending with 0.54% gains and the S&P BSE SmallCap closing 0.73% higher on Monday.
Seventeen of the 20 sectors compiled by the BSE advanced, and three declined. BSE Energy and BSE Telecommunication gained the most.
The market breadth was skewed in favour of buyers. About 2,524 stocks rose, 1,371 declined, and 152 remained unchanged on the BSE.
