Market Trades Range-bound; Nifty Crosses 25,000 Levels
In the Nifty 50 index, merely 25 stocks advance in the positive territory, while 25 stocks end in the red territory
The Indian stock market displayed a mixed trade in the Monday trading session as benchmark indices, Nifty and Sensex ended with gains, while few sectoral indices remained weak. Selling occured in FMCG stocks amid close watch on Fed’s 18 September outcome.
The National Stock Exchange (NSE) Nifty 50 index 0.11 per cent higher at 25, 383, while the S&P Bombay Stock Exchange (BSE) Sensex also settled 97 points or 0.12 per cent higher at 82,988 levels on the closing bell.
Nifty Moves
In the Nifty 50 index, merely 25 stocks advanced in the positive territory, while 25 stocks ended in the red territory.
Among the winners NTPC topped the index with 2.42 per cent gain followed by 1.77 per cent and 1.72 per cent gain in Hindalco and JSW Steel. Shriram Finance, Larsen and Toubro, Axis Bank and ICICI Bank ended more than 1 per cent higher.
Among the laggards, Bajaj Finance plummeted 3.33 per cent, while Hindustan Unilever lost 2.25 per cent. Bajaj Finserv lost nearly 2 per cent, while SBI Life and Britannia lost more than 1 per cent.
Analyst Note
"The domestic market traded in a narrow range with a positive bias as the participants are keenly awaiting the Fed’s decision this week. The weakness in the US job market and benign inflation are pointing at a slew of rate cuts on the table. The inflow of foreign money and an expectation of stability in domestic growth may keep sentiment optimistic," said Vinod Nair, Head of Research, Geojit Financial Services.
"The Nifty index remained range-bound throughout the session as traders opted for caution ahead of a significant event. The technical chart shows no change in formation compared to the previous day. The trend continues to be strong, though with limited upward potential in the short term. Key support levels are still intact between 25,150 to 25,200, while resistance is positioned around 25,460 to 25,500. A decisive breakout from the current range might initiate a directional move," said Rupak De, Senior Technical Analyst, LKP Securities.
Sectoral Movement
In terms of sectoral performance, Nifty Bank ended 0.41 per cent higher and Financial Services moved negligibly, while PSU Banks also ended flat.
Auto and IT ended with marginal moves, while Realty and Metal gained more than half a per cent. Pharma ended with marginal loss, while FMCG shredded 0.72 per cent.
The more domestically focussed indices, Mid-cap gained 0.38 per cent, whereas Small-cap moved 0.16 per cent higher.
