Market Update: Sensex and Nifty Dip on IT Stocks, Coal India Soars 5%.

In today’s stock market movement, the S&P BSE Sensex concluded the trading session with a decline of 325.58 points, closing.

In today’s stock market movement, the S&P BSE Sensex concluded the trading session with a decline of 325.58 points, closing at 64,933.87. Similarly, the NSE Nifty 50 experienced a drop of 82 points, settling at 19,443.55. Stay informed about the latest market updates and stock trends with these key indices reflecting today’s market performance.

Domestic stock markets finished Monday's trading meeting on a weak note.

Experiencing a decline on Monday, benchmark stock market indices faced weakened momentum, primarily influenced by a downturn in information technology (IT) and financial services stocks. The S&P BSE Sensex concluded 325.58 points lower at 64,933.87, while the NSE Nifty 50 settled 82 points down at 19,443.55.

The broader market indices witnessed a significant dip following yesterday’s robust Muhurat Trading session. Notable sectoral declines were observed in Nifty Bank, Nifty Financial Services, and Nifty IT, while Nifty Metal and Nifty PSU Bank stood as the sole gainers. Heavyweights impacted the overall market sentiment during this trading session.

In the latest Nifty 50 movements, Coal India, Eicher Motors, Hindalco, M&M, and BPCL emerged as the top gainers, showcasing robust performance. Meanwhile, SBI Life, Bajaj Finance, Grasim, Infosys, and Nestle faced declines, marking them as the leading losers. Notably, Coal India secured a notable 5% surge, contributing to the positive market sentiment.

Among the losers, SBI Life, Bajaj Finance, and Infosys experienced noteworthy downturns. Transitioning to individual stock highlights, Eicher Motors and Hindalco displayed notable uptrends, while Grasim and Nestle encountered downturns. These Nifty 50 dynamics underscore the diverse trends within the market, offering valuable insights for investors.

Coal India shares surged over 5%, reaching a 52-week high, buoyed by brokerages elevating target prices post robust Q2FY24 results. Despite this, IT stocks like Infosys, Tech Mahindra, and TCS faced declines. Heavyweights HDFC Bank and Reliance Industries Limited also closed lower.

Analysts attribute the market dip to a reaction from yesterday’s robust trading session. They assert the enduring strength of the domestic market fundamentals, anticipating long-term gains. The session’s bearish tone, prompted by profit-taking, contrasts with the overall positive outlook, affirming resilience in the face of short-term fluctuations.

Source:https://www.indiatoday.in/business

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