Indian Equity Market Closes In Red
Dear Trader –
The 30-share BSE benchmark Sensex declined 483 points or 0.73 per cent to settle at 65,512. The broader NSE Nifty dropped 156 points or 0.80 per cent to end at 19,522.
From the Sensex pack, Tata Steel and M&M were the top laggards, falling over two per cent each. Bajaj Finance, SBI, Asian Paints, and Kotak Bank also ended lower. On the flip side, only HCL Tech, TCS and HUL closed with gains.
Nifty PSU Bank closed over three per cent lower, dragged by the Central Bank of India, Indian Overseas Bank, and Bank of Maharashtra. High-weightage banks and oil & gas lost 1% each, while metals, consumer durables and media stocks shed 1.5-2 per cent.
Oil prices rose following a military conflict in the Middle East where Israel attacked the Palestinian enclave of Gaza. The rise in oil prices is a negative for importers of the commodity, like India. Among individual stocks, Oil India closed over five per cent higher as international crude oil prices jumped more than $3 a barrel on Monday as the Israel-Hamas crisis deepened, raising supply concerns.
The market capitalisation of all listed companies on the BSE declined by Rs 3.8 lakh crore to Rs 316.06 lakh crore. The market breadth was skewed in favour of the bears. About 2,830 stocks declined, 977 gained, and 122 remained unchanged on the BSE.
FII and FPIs, on Monday, saw a net sales of Rs.997.76 crore in the cash segment. A total of Rs.6049.97 crore was sold against a total purchase of Rs.5052.21 crore. Domestic institutional investors saw a net purchase of Rs.2661.27 crore in the cash segment. A total of Rs.5555.33 crore was sold against a total purchase of Rs.8216.60 crore.
Meanwhile, An unforeseen escalation in the Middle East has rekindled pessimism in global markets. Moreover, the rapid surge in oil prices presents a significant threat to the global market, which is already dealing with elevated inflation and interest rates.
Technically, the important key resistances placed in August Nifty future are at 19522 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 19676 – 19808 levels. Immediate support is placed at 19474 – 19373 levels.
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