Stock Market Update: According to negative global market trends, equity benchmark indices declined on Thursday. To close at 61,750.60, the 30-share BSE Sensex dropped 230.12 points, or 0.37 percent. It dropped 337.45 points, or 0.54 percent, to 61,643.27 throughout the day.
Stock Market Update: Market View
Markets lost about 0.5 percent amid conflicting clues and continued to trade in a range. For the majority of the session, the Nifty index moved monotonously in a constrained range, but a dip in the final 30 minutes caused the index to turn negative. Finally, it reached 18,343.9, a 0.4% decrease. The decrease was significant, with losses of over 1% in the auto, media, and IT sectors. The larger indices also continued to decline and each lost close to 5%.
The current market structure suggests that some profit-taking or consolidation may be next. However, we anticipate that Nifty will maintain its position between 17800 and 18100. Sentiment is already suffering due to the general underperformance, and it could get worse during the correction phase. We thus reiterate our view to remain selective and focus on position sizing.
To finish at 18,343.90, the larger NSE Nifty fell 65.75 points, or 0.36 percent.
Major laggards
The Sensex pack’s biggest laggards included Titan, Mahindra & Mahindra, Maruti, HDFC, Dr. Reddy’s, Bajaj Finserv, Infosys, and HDFC Bank.
Among the winners were Larsen & Toubro, Power Grid, ICICI Bank, and Bharti Airtel.
Markets in Seoul, Tokyo, Shanghai, and Hong Kong ended lower on other Asian exchanges.
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