scorecard
  1. Home
  2. stock market
  3. news
  4. Stock market closing: Nifty inches up marginally to close in green, Hindalco, BPCL take lead

Stock market closing: Nifty inches up marginally to close in green, Hindalco, BPCL take lead

Stock market closing: Nifty inches up marginally to close in green, Hindalco, BPCL take lead
Both indices, the Sensex and Nifty closed the day with marginal ups and downs. While Nifty closed the day at 24,572.65 points, inching up by 31.5 points, or 0.13%. On the other hand, Sensex dipped a mere 12.16 points to close the day at 80,424.68 points.

Amidst Nifty50 constituents, 31 stocks saw advances, while 19 stocks declined during the day. Hindalco (up by 4%), Shri Ram Finance (up by 3.47%), BPCL (up by 3.32%), Tata Steel (up by 3.06%) and LTI Mindtree (up by 2%) were amongst the top gainers during today's trade. On the other hand, Mahindra and Mahindra (down by 2.59%), Bajaj Auto (down by 1.17%), IndusInd Bank (down by 1.07%), Axis Bank (down by 1.02%) and SBI Life (down by 0.96%) were amidst the top laggards today.

Out of the 2,838 stocks traded today on NSE, 1,975 stocks advanced while 758 saw declines, and another 105 remained unchanged. 160 stocks hit their 52-week high prices, while 17 stocks hit their 52-week low prices as well. 210 stocks remained in the upper circuit during the day, while 58 stocks hit the lower circuit as well.

Most broad market indices on Nifty closed the day in green, with small cap and micro cap indices outperforming Nifty, gaining over 1% each. Amidst sectoral indices, bank, auto, financial services and private banks closed the day in red. On the other hand, media, metal, PSU banks and oil and gas indices gained over 1% each to close the day in green.

Expert View

Aditya Gaggar, director of Progressive Shares notes that Indian equities commenced the week on a strong note, but banking counters dragged the Index lower; however, IT stocks delivered support to the index to recover from the lower levels but in the absence of momentum, the index remained rangebound for the rest of the day and settled at 24,572.65 with gains of 31.50 points.

"Among the sectors, metal was the top performer by advancing over 1.80% followed by energy; and on the flip side, auto and banknifty were the major laggards. A mixed activity was seen in the broader markets where midcaps more or less moved in tandem with the frontline index, while small caps outperformed. On the daily chart, the index has made a small red candle, but the overall uptrend is intact and as per the range breakout, the approximate target comes to 24,870 with the downside being protected at 24,420", he continued.

Shrikant Chouhan, head equity Research, Kotak Securities said that today, the benchmark indices witnessed lackluster activity. Nifty ends 31 points higher while the Sensex was down by 12 points. Among sectors, metal and oil and gas indices outperformed, both the indices rallied over 1.5%, whereas intraday profit booking were seen in selective auto stocks.

"Technically, after a gap up opening market witnessed narrow range activity. We are of the view that, the larger market texture is still in to the positive side but fresh uptrend rally possible only after dismissal of 24,650/80,725 Above which market could move up till 24,725-24,775/81,000-81,200. On the flip side, below 24,520/80,330 the intraday selling pressure is likely to accelerate. Below the same, it could retest the level of 24,450-24,400/80,000-79,800", noted Chouhan.

Osho Krishan, Senior Analyst - Technical & Derivatives, Angel One Ltd, highlighted that the positive global cues and strong developments from the previous session resulted in a favorable start for our markets, but the subsequent buying was lacking in the benchmark index. The Nifty50 index remained within a narrow range of around 110 points, indicating tentativeness among the counterparties. Despite the hustles, the Nifty index had a modest positive start to the new week, closing above 24,570, with a slight gain of 0.13%

"The market breadth clearly favoured the bulls, with their dominant performance in the advance-decline ratio reflecting a robust market undertone. However, the benchmark index stayed in a slender range, hovering within the bearish gap on the daily time frame chart. A decisive breakthrough is expected to have a significant impact on the momentum, providing a clearer picture of potential future market movements. Going forward, it will be crucial to closely monitor the banking index, as momentum in this sector could significantly boost market sentiments. In the absence of domestic triggers, it is important to be mindful of global developments as they are likely to influence market conditions", said Krishan.

READ MORE ARTICLES ON



Popular Right Now



Advertisement