Daily Market: On the basis of weaker global cues, Indian domestic indices witnessed a gap-down opening for the second consecutive session.
Daily Market: The indices Nifty and Sensex continued to trade lower before witnessing a recovery from the lows, reducing the overall sell-off to some extent. However, Nifty declined over 100 points despite the intraday recovery from the lows. Whereas, Nifty Bank ended with a decline of more than 650 points, down for 3 straight sessions.
Broader Daily Market Movement
Looking at the broader market performance, the indices ended on a negative note, in line with the performance of the benchmark indices. The midcap index ended with a cut over 1 percent whereas the small cap index snapped its 7-day winning streak ending on a negative note, down 1.41 percent.
Looking at the sectoral performance, except for the FMCG sector, which was the only top gainer, rest all the sectoral indices ended in the negative territory. Nifty Media, Realty and Metal index were the top sectoral losers, losing over 2 percent respectively. Whereas on the stocks front, Hindalco, Indusind Bank and Tata Steel were the top losers and Asian Paints, Ultratech Cement and Hindustan Unilever were the top gainers, gaining in the range of 1-5 percent.
Stocks in News
ACC’s stock jumped more than 7% after the firm reported a strong increase in profits and revenue for the first quarter of FY22. Further, shares of HCL Tech continued to witness profit booking as the stock tumbled more than 2 percent intraday after the company announced their quarterly earnings which reported a higher consolidated profit compared to the previous quarter.
Daily Market Global Data Front
The US benchmark indices continued to move sharply lower during trading on Monday, extending the pullback seen over the course of last Friday’s session. With the steep drop on the day, the major averages ended the session at their lowest closing levels in almost a month. The sell-off on Wall Street partly reflected concerns about a resurgence of the coronavirus, as the delta variant contributes to a spike in infections in the U.S.
The futures of Wall Street’s three major indices are trading on a positive note. The Dow Jones Futures up 0.70 percent, the Nasdaq Futures up 0.42 percent, and the S&P 500 Futures up 0.53 percent. While on the European front, the indices after ending yesterday’s trading session in the deep red, are seeing a pullback in today’s session. The indices FTSE, CAC 40and DAX are trading on a positive note.
To Summarise, Daily Market the indices witnessed a volatile session post the gap-down opening, extending Monday’s sell-off as indices ended lower for the 3rd day in a row. The 30-share BSE Sensex ended at 52198, down 354 points or 0.68 percent and the Nifty index ended at 15632, down 120 points or 0.76 percent.
The levels to watch on Nifty for the coming days are 15850 – 15900 on the upside, and on the downside, 15500 – 15450 would be the levels to watch out for.
This article is shared with Prittle Prattle News in the form of a Press Release.
By Mr. Aamar Deo Singh, Head Advisory, Angel Broking Ltd
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