Stock Market Today: Nifty Closes Lower After Hitting Record High As HDFC Bank, ICICI Bank Drag
The NSE Nifty 50 settled 45.60 points or 0.20% lower at 22,597.80, and the S&P BSE Sensex ended 188.50 points or 0.25% down at 74,482.78.
KEY HIGHLIGHTS
Rupee Closes Stronger Against U.S. Dollar
The local currency closed 4 paise stronger against the U.S. Dollar at 83.44.
It closed at 83.47 on Monday.
Source: Bloomberg
Nifty Closes Lower After Hitting Record High As HDFC Bank, ICICI Bank Drag: Market Wrap
Indian benchmarks erased all gains and ended lower on Tuesday as heavyweights HDFC Bank Ltd., ICICI Bank Ltd. weighed. Decline in metal and IT stocks also pressured the benchmarks.
The NSE Nifty 50 settled 45.60 points or 0.20% lower at 22,597.80, and the S&P BSE Sensex ended 188.50 points or 0.25% down at 74,482.78.
Intraday, the NSE Nifty 50 index rose 0.62% to record high of 22,783.35. The S&P BSE Sensex rose 0.59% to 75,111.39.
Market participants will monitor the policy decision from the U.S. Federal Reserve, due to be published on Wednesday. The Fed fund future traders expect 97% possibility of a status quo, while the rest expects a cut of 25 basis points, according to CME FedWatch Tool.
"Nifty witnessed selling pressure as it encountered resistance near the previous swing high, resulting in a weak closing," Rupak De, a senior technical analyst at LKP Securities said.
Other indicators such as the 20-day simple moving average and the 50-day SMA are positioned below the index value, suggesting that the ongoing positive trend remains intact. The Relative Strength Index also indicates a bullish crossover. Over the next few days, the trend in the headline index might remain sideways unless it breaks above the all-time high of 22783. On the downside, immediate support is placed at 22500, below which the index might decline further, De added.
"The Bank Nifty witnessed a volatile trading session during the expiry day, with bulls dominating the first half and bears taking control in the second half. Although the index fell short of reaching the 50,000 mark, the overall sentiment remains bullish. Dips in the index should be seen as buying opportunities, especially with strong support noted around the 49,000 mark, where the highest open interest lies on the put side," Kunal Shah, senior technical and derivative analyst at LKP Securities.
HDFC Bank Ltd., ICICI Bank Ltd., Larsen & Toubro Ltd., Tata Consultancy Services Ltd., and Infosys Ltd. weighed on the benchmark.
Mahindra & Mahindra Ltd., Powergrid Corp of India Ltd., Bajaj Finance Ltd., Bajaj Auto Ltd., and Shriram Finance Ltd. limited gains in the stock
On NSE, seven sectors out of 12 declined, and five advanced. The NSE Nifty IT was the top loser, and the NSE Nifty Auto was the top gainer.
"Among the sectors, Auto was the top gainer of the day followed by Realty; and on the flip side, IT extended its southward journey while Metal segment witnessed a round of profit booking. At record levels, the Index has made a bearish candle with a probable divergence in the RSI (not yet confirmed)," Aditya Gaggar, director,Progressive Shares said.
Broader markets outperformed. The S&P BSE Midcap settled 0.49% up, and the S&P BSE Smallcap ended 0.10% higher.
On BSE, eight sectors advanced, and 12 declined out of 20. The S&P BSE Auto was the top gainer, while the S&P BSE Information Technology was the top loser of the day.
Market breadth was skewed in favour of the sellers. Around 1,989 stocks declined 1,832 rose, and 129 stocks remained unchanged on BSE.
Varun Beverages Starts Production At Odisha & Assam
Varun Beverages Ltd. started commercial production at Odisha and Assam facilities.
Source: Exchange filing
See strong opportunity from coal based power plants: VK Devangan, CMD, REC Ltd
Govt plans to add 94,000 MW coal based power plants.
NTPC to set up 20,000 MW out of this.
Of the remaining 74,000 MW expect to fund 37,000 MW of this.
Cost of setting up thermal power projects has risen to Rs 10 crore/MW.
Source: Media Conference
Indian Markets Fall To Day's Low
