Indian Shares Close Lower in Worst Month of 2023
Dear Trader –
The 30-share BSE benchmark Sensex tumbled 580 pts from the day's high and fell 238 points or 0.37 per cent to settle at 63,874. The broader NSE Nifty declined 55.90 points or 0.29 per cent to end at 19,165.
Among Sensex stocks, Sun Pharma and M&M were the top laggards, falling over two per cent each. Bharti Airtel, ICICI Bank, IndusInd Bank, and Reliance Industries also closed in the red.
On the other hand, Titan, Kotak Bank, Asian Paints, HCL Tech, and Power Grid closed with gains.
Sector-wise, Nifty PSU Bank declined 0.67 per cent, and Nifty Pharma fell 0.62 per cent. Nifty Bank and Nifty Auto also closed lower. In the broader market, Nifty Midcap100 gained 0.37 per cent, while Smallcap100 fell 0.06 per cent.
The market breadth was skewed in favour of the bulls. About 1,836 stocks gained, 1,798 declined, and 126 remained unchanged on the BSE.
FII and FPIs, on Tuesday, saw a net sales of Rs.696.02 crore in the cash segment. A total of Rs.11636.22 crore was sales against a total purchase of Rs.10940.20 crore. Domestic institutional investors saw a net purchase of Rs.340.25 crore in the cash segment. A total of Rs.6139.24 crore was sales against a total purchase of Rs.6479.49 crore.
Meanwhile, Modest cautiousness returned post yesterday’s bounce, ahead of the US Fed policy meeting, dragging Asian and developed markets. The Fed is widely expected to keep rates unchanged, and the commentary on the future path will be the crucial factor to influence further direction.
Main indices witnessed marginal losses particularly led by IT stocks, while mid- & small-caps gained due to the recent moderation in valuations and buy-in dip strategy of domestic investors in the hope of a pickup in demand in the upcoming festive season.
Technically, the important key resistances placed in October Nifty future are at 19165 levels, which could offer the market on the higher side. Sustainability above this zone would signal opens the door for a directional move with immediate resistances seen at 19202 – 19303 levels. Immediate support is placed at 19090 – 19009 levels.
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