The benchmark equity indices ended Monday’s trading session in the positive territory. The NSE Nifty 50 ends up by 1.25 points or 0.01% to settle at 24,836.10, while the BSE Sensex jumped 23.13 points or 0.03% to 81,355.85.
The broader indices ended in positive territory, with gain led by Small-cap and Mid-cap stocks. PSU Banks and Media stocks outperformed among the other sectoral indices while FMCG and IT stocks shed.
Sectoral Index
Bank Nifty index ended higher by 110.30 points or 0.22% to settle at 51,406.25. The Nifty Midcap 100 jumps 593.95 points, or 1.03%, ending the day’s trading at 58,362.05. In the broader markets, small-cap and mid-cap stocks finished in the green.
Markets end at intra-day highs! Nifty at 24,950, Sensex over 81,700 led by metal and pharma on July 31 Share Market Highlights: Market ends flat! Nifty slips below 24,900, Sensex at 81,350; PSU Banks and Media stocks shine The Hindenburg cloud hovers over market; Nifty ends below 24,350, and Adani group stocks see 2% cut Bloodbath on D-Street amid global sell-off! Nifty tests 24,000, Sensex falls 2,222 points
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Top Movers for the day
Divis Labs, BPCL, L&T, Bajaj Finserv, and Mahindra & Mahindra were the top gainers on the NSE Nifty 50, while the laggards includes Bharti Artel, Titan Company, Cipla, ITC, and Tata Consumer Products.
The Indian Volatility Index (India VIX) closed up by 5.69 % at 12.95.
Experts on Today’s Market Performance
“An ease in the US personal consumption expenditure to 2.5% and the subsequent drop in the US 10-year yield have fuelled optimism that the Fed might cut rates in September, leading to a global rally. However, profit-booking was triggered in the domestic market given trading in the overbought territory and closed flat. ,” said Vinod Nair, Head of Research at Geojit Financial Services
Nair also said that Policy meeting is scheduled for the Fed, BOJ and BOE this week, and investors are closely monitoring the developments. It is anticipated that the BOE may implement a 25-bps rate cut in response to easing inflation.
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Commenting on the same Ajit Mishra – SVP, Research, Religare Broking said that The markets traded lackluster and ended almost unchanged, taking a breather after Friday’s surge. After an initial uptick, the Nifty edged closer to the new milestone of 25,000 in the first half. However, profit-taking in select heavyweights trimmed the gains as the day progressed, ultimately closing near the day’s low at 24,836.10. Meanwhile, a mixed trend across sectors kept traders engaged, with realty and auto among the top gainers. The broader indices performed well, gaining over a percent each.
Mishra also added that mixed global cues and the underperformance of major banks are causing an intermediate pause in the index; however, the overall tone remains positive. We reiterate our recommendation to maintain a “buy on dips” approach. Besides domestic factors, the performance of the US markets will also remain in focus for cues.
Bank Nifty
Commenting on the Bank Nifty today Tejas Shah, Technical Research, JM Financial & BlinkX said that The Bank Nifty was an outperforming sector as compared to Nifty in today’s trading session. However, it respected our mentioned resistance zone of 51,900-52,000 and fresh selling pressure was witnessed after testing the same. Presently, it is facing a lot of resilience around the crucial resistance zone of 51,900-52,000 and we believe that Nifty would further outperform only if it is able to decisively close above this resistance zone. On the downside, the support zone lies at 50,800-900 / 50,500 while the resistance is seen at 51,600 / 51,900-52,000.
