The Sensex finished with a slight 0.09% decline at 78,467, while the Nifty 50 closed down 0.08% to 23,734. The largest laggard, Nifty Metal, fell 0.83%. Nifty Auto stocks, on the other hand, ended the day up by 0.57%.
Today's stock market: Following a rescue surge in the previous session that helped snap the five-day losing run, Indian benchmark indexes ended Tuesday's trading slightly down.Since there are no new catalysts to spark positive sentiment, analysts predict that markets will likely stay rangebound for the duration of the week. Ahead of the corporate earnings season at the beginning of next month, they anticipate that the limited momentum will persist.
Metals and PSU stocks pulled the indices lower throughout today's session, while FMCG and auto sectors offered some assistance. The Sensex finished with a slight 0.09% decline at 78,472, while the Nifty 50 closed down 0.11% to 23,727.
The Nifty Smallcap 100 index ended the session up 0.24%, closing at 18,732, while the Nifty Midcap 100 index ended the session down 0.06%, closing at 57,057.
"It is unlikely that the relief rally that took place yesterday will have a free run-up in the days ahead," stated Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. A sustained rally will be constrained by two sets of factors: internal and external. Externally, the FIIs will sell on rallies because to the strong dollar and rising US bond yields. Internally, the bulls will be restrained by the GDP and profit deceleration, which are short-term negatives. A PE expansion, which may push the market far higher, cannot be supported by the high market valuations in this difficult macroenvironment.
"In the current climate, investors should put safety before returns. Fairly valued industries include large-cap financials, industries with steady demand, like IT and pharmaceuticals, and rapidly expanding industries, like digital stocks are likely to remain relatively resilient in a challenging environment," he added.
Sectoral Performance: Metals drag, cars shine
Nifty Metal was the biggest laggard, falling 0.83%, while the majority of the main sectors indices finished the session lower. Vedanta was the biggest loser, with its shares plunging 2.4% after trading ex-dividend, while ten of the index's fifteen constituents ended the day in negative territory.
The business declared in an exchange statement on December 16 that the board has authorized the fourth interim dividend, which amounts to ₹3,324 crore and is paid out at a face value of Re 1 per equity share.
National Aluminium, APL Apollo Tubes, SAIL, JSW Steel, Hindalco Industries, and Ratnamani Metals & Tubes were among the other leading laggards in the metal pack; they all had losses ranging from 1% to 2% during the session.
Along with Nifty PSU Bank, Nifty IT, Nifty Media, Nifty Consumer Durables, Nifty Energy, and Nifty Realty all saw losses ranging from 0.08% to 0.56% as the session came to a close.
Nifty Auto stocks, on the other hand, ended the day up by 0.57%. In a similar vein, Nifty FMCG and Nifty Oil & Gas ended the day up 0.54% apiece.
Commenting on the performance of the market today "The domestic market ended flat ahead of the holiday, with metal and power stocks dragging performance while FMCG and auto sectors gained from recent corrections," stated Vinod Nair, Head of Research at Geojit Financial Services. The Union budget and Q3 data will determine the market's course in the near future, but due to the strong dollar, high bond yields, and worries about rate cuts, caution is in the air. The caution was further prompted by the INR reaching an all-time low.
Nifty 50: Important benchmarks and patterns
According to Rupak De, Senior Technical Analyst at LKP Securities, "The Nifty closed flat after remaining largely rangebound all day. A short-term bearish trend was confirmed on the daily chart when the index closed below the 200-DMA for the first time in three days. The bearish view is also supported by the RSI, which is in a bearish crossover and is further declining. Resistance is located at 23,860, and support is situated in the 23,500–23,400 range on the downside.
Nifty Metal was the biggest laggard, falling 0.83%, while the majority of the main sectors indices finished the session lower. Vedanta was the biggest loser, with its shares plunging 2.4% after trading ex-dividend, while ten of the index's fifteen constituents ended the day in negative territory.
The business declared in an exchange statement on December 16 that the board has authorized the fourth interim dividend, which amounts to ₹3,324 crore and is paid out at a face value of Re 1 per equity share.
National Aluminium, APL Apollo Tubes, SAIL, JSW Steel, Hindalco Industries, and Ratnamani Metals & Tubes were among the other leading laggards in the metal pack; they all had losses ranging from 1% to 2% during the session.
Along with Nifty PSU Bank, Nifty IT, Nifty Media, Nifty Consumer Durables, Nifty Energy, and Nifty Realty all saw losses ranging from 0.08% to 0.56% as the session came to a close.
Nifty Auto stocks, on the other hand, ended the day up by 0.57%. In a similar vein, Nifty FMCG and Nifty Oil & Gas ended the day up 0.54% apiece.
Commenting on the performance of the market today "The domestic market ended flat ahead of the holiday, with metal and power stocks dragging performance while FMCG and auto sectors gained from recent corrections," stated Vinod Nair, Head of Research at Geojit Financial Services. The Union budget and Q3 data will determine the market's course in the near future, but due to the strong dollar, high bond yields, and worries about rate cuts, caution is in the air. The caution was further prompted by the INR reaching an all-time low.
Nifty 50: Important benchmarks and patterns
According to Rupak De, Senior Technical Analyst at LKP Securities, "The Nifty closed flat after remaining largely rangebound all day. A short-term bearish trend was confirmed on the daily chart when the index closed below the 200-DMA for the first time in three days. The bearish view is also supported by the RSI, which is in a bearish crossover and is further declining. Resistance is located at 23,860, and support is situated in the 23,500–23,400 range on the downside.
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