The 30-share Sensex had opened larger by over 100 points at 61,112.84.
During the day, the Sensex touched a excessive of 61,290.19 and a low of 60,607.02, earlier than closing 311.03 points or 0.51 per cent down at 60,691.54
Falling for the second consecutive session, the BSE Sensex on Monday declined 311.03 points or 0.51 per cent to shut at 60,691.54. The NSE Nifty additionally slipped by 99.6 points or 0.56 per cent to finish at 17,844.6 points. The rupee, nevertheless, gained 9 paise to shut at 82.73 (provisional) towards the US greenback.
During the day, the 30-share Sensex opened larger by over 100 points at 61,112.84. It touched the day’s excessive of 61,290.19 and the day’s low of 60,607.02, earlier than closing 311.03 points or 0.51 per cent down at 60,691.54.
Among the highest gainers have been ExtremelyTech Cement (up 1.75 per cent), adopted by Tech Mahindra (1.75 per cent), PowerGrid (0.91 per cent), Tata Motors (0.67 per cent), and Infosys (0.62 per cent) on the BSE. The high losers on HDFC (down by 1.33 per cent), adopted by Maruti (-1.33 per cent), Kotak Mahindra Bank (-1.26 per cent), ICICI Bank (-1.18 per cent), and SBI (-1.09 per cent).
Vinod Nair, head of (analysis) at Geojit Financial Services, mentioned, “Stocks are getting overwhelmed forward of the discharge of US Fed minutes on Wednesday. Maintaining its guard towards inflation, the Fed is anticipated to stay hawkish. As anticipated, it’s unlikely to have a dire impact on the worldwide inventory market. However, the consequence of fixed excessive rates of interest is inflicting a slowdown in demand & the earnings outlook, therefore the near-term pattern can be cautious.”
Shrikant Chouhan, head of equity research (retail) at Kotak Securities, “Drubbing in banking stocks dragged down the markets today, which languished in the negative territory for major part of the trading session. Factors such as more pain going ahead through further rate hikes, rising inflation, and the recent Adani saga continue to weigh on investors’ minds. Also, Indian stocks are still expensive compared to China, and hence investors are taking this opportunity to curb their holdings. Technically, a bearish candle on daily charts is indicating further weakness from the current levels.”
He, nevertheless, added that the Nifty is buying and selling close to the 20-day SMA and the Sensex is buying and selling close to the essential assist degree of 60,600. If the index succeeds to commerce above 17,900, a fast pullback rally is just not dominated out. Above which, it may transfer up to 18,000-18,125. On the flip aspect, a recent selloff is feasible solely after the dismissal of 17,800 and under the identical the index may slip until 17,730-17,700.
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