Exploring the Impact of Nifty 50 and Sensex. In the fast-paced world of financial markets, keeping track of benchmark indices is crucial for investors and traders alike. On Tuesday’s trading session, the NSE Nifty 50 and BSE Sensex experienced some fluctuations, ending in the red. Let’s delve into the details of how these key indices performed and what factors influenced their movements.
NSE Nifty 50 and BSE Sensex Performance
The Nifty 50, representing the National Stock Exchange of India, dipped by 20.25 points, equivalent to 0.10%, settling at 19,733.55. At the same time, the BSE Sensex, the benchmark index of the Bombay Stock Exchange, fell by 68.36 points, also 0.10%, to reach 66,459.31. The market was cautious, and this was reflected in the sectoral indices’ performance.
Sectoral Indices Movement
Bank Nifty The banking sector experienced a dip, with Bank Nifty tumbling 58.60 points or 0.13%, closing at 45,592.50.
Nifty Auto The automotive industry saw a slight decline of 0.12% in the Nifty Auto index.
Nifty PSU Bank Public Sector Undertaking banks faced a more significant drop, with the Nifty PSU Bank sinking 0.52%.
Nifty Realty The real estate sector took a hit, with the Nifty Realty tanking 1.77%.
Nifty IT On the contrary, the IT sector performed well, with the Nifty IT index jumping 1.2%.
Top Gainers and Losers on Nifty 50
- Coal India
- Tech Mahindra
- HCL Tech
- Power Grid
- Hero Motocorp
- Apollo Hospital
- Adani Ports
- Bajaj Finserv
According to Vinod Nair, the Head of Research at Geojit Financial Services, the domestic indices were influenced by global peers, resulting in a negative bias. However, mid- and small-cap stocks continued to outperform the benchmark index. The IT stocks rallied, reflecting hopes of a soft landing for the US economy. Despite a marginal moderation in India’s manufacturing activity for the second consecutive month in July, the market’s direction will be influenced by essential data points, including auto sales figures, US PMI, and US job data.
Shrikant Chouhan, the Head of Research (Retail) at Kotak Securities Ltd., emphasized that the market’s overall undertone remained bullish. The daily chart indicated indecisiveness between the bulls and bears, and the market could retest the level of 19650-19600 if it falls below 19700. However, a fresh uptrend rally could occur after surpassing 19800, with the index possibly rallying till 19840-19875.
Jatin Gedia, a Technical Research Analyst at Sharekhan by BNP Paribas, noted that Bank Nifty managed to retrace only 50% of the previous fall. Given the equilibrium line reached by the hourly momentum indicator, a pullback was expected to mature, preparing for the next leg of the down-move. The analyst expects the Bank Nifty to drift lower to 45000 over the next few trading sessions.
In conclusion, the benchmark indices, NSE Nifty 50 and BSE Sensex, faced a challenging session on Tuesday, ending in the red. The market was impacted by global peers and faced sectoral variations. While certain sectors performed well, others experienced a decline. The experts’ insights provided valuable information on the market’s performance and future expectations. As always, investors and traders need to stay informed and vigilant to make well-informed decisions in the dynamic world of financial markets.