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Benchmark Equity Index Closes Lower For Fourth Straight Session

Bears continue to have their in the stock market as the benchmark equity indices closed lower for the fourth straight session in a highly volatile market

Photo Credit : Reuters


The BSE Sensex rose 14 points or 0.02 per cent to end at 66,023, while its NSE counterpart Nifty50 closed below the 19,700 level. From the Sensex pack, Bajaj Finance and Bajaj Finserv were the top gainers. Kotak Bank, Asian Paints and UltraTech Cement also closed higher. On the other hand, Infosys, M&M, Wipro, TCS and Sun Pharma closed in the red.

On the sectoral front, Nifty Bank rose 0.35 per cent and Nifty Financial Services surged 0.56 per cent. While Nifty IT declined 0.78 per cent and Nifty Media fell 0.73 per cent. The more locally focussed mid-cap and small-cap companies rose 0.66 per cent and 0.04 per cent, respectively.

The market breadth was skewed in favour of the bears. About 1,952 stocks declined, 1,824 gained, and 170 remained unchanged on the BSE.

Asian shares fell on Monday, dragged by China, after central banks last week reinforced the message that interest rates would stay higher for longer, while investors braced for inflation data from the US and Europe.

FII and FPIs, on Monday saw a net sales of Rs 2333.03 crore in the cash segment. A total of Rs 10843.68 crore was sales against a total purchase of Rs 8510.65 crore. Domestic institutional investors saw a net purchase of Rs 1579.28 crore in the cash segment. A total of Rs 7042.49 crore was sales against a total purchase of Rs 8612.77 crore.

Meanwhile, The day presented a mixed picture in the market, with sectors such as realty, banking, and consumer durables performing well while IT and pharma struggled. Investors were actively repositioning, shifting away from stocks tied to the global economy and focusing on the domestic economy.

Technically, the important key resistances are placed in August Nifty future are at 19,704 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 19,770 – 19,880 levels. Immediate support is placed at 19,606 – 19,570 levels.

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