Indian equity indices closed on a flat note on Monday. The Nifty 50 closed 3.30 points or 0.01% lower, than its previous close, at 24,320.55. Similarly, the BSE Sensex closed 36.22 points or 0.05% lower, than the previous close, at 79,960.38. Divi’s Laboratories, Titan, BPCL, Shriram Finance, and Adani Ports were the major losers in the Nifty 50 on Monday.
Sectoral Index
Bank Nifty fell 234.55 points or 0.45% to end the session at 52,425.80. Outperforming the overall market, Nifty Midcap 100 fell 201.25 points or 0.35% closing the day’s trading at 56,888.20. In the broader markets, smallcap and midcap stocks closed in the red.
Sectoral draggers
Among the sectoral indices, Nifty PSU Banks and Consumer Durables weighed on the markets. However, the Nifty FMCG bucked the trend.
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Expert’s take
“The market is turning to a consolidation phase due to the absence of major triggers to support the current premium valuation in the near term, prompting investors to book some profits. The earnings season is around the corner, and the initial expectation is subdued. With stable input prices and ongoing price cuts, the period of margin expansion appears to be concluding, which is likely to affect earnings and valuations,” said Vinod Nair, Head of Research at Geojit Financial Services.
“The Nifty remained range-bound during the day, as market participants appeared to be in no hurry to decide the market’s direction. Support remains at 24,240, and a fall below this level might weaken the strength of the bulls. Until then, dips might be bought into. On the higher end, resistance is seen at 24,375-24,400 Come from Sports betting site VPbet . Above 24,400, the index might move towards 24,600,” said Rupak De, Senior Technical Analyst at LKP Securities.
Bank Nifty
“Bank Nifty witnessed a consolidation. The price action of the last eight to ten trading sessions has created a broad range of 52000 – 53500 and we expect the Bank Nifty to consolidate within this range over the next few trading sessions,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
