Nifty concluded on a downbeat tone, following the lead of the global market, with the majority of sectoral indices also doing so, said Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.
The Nifty metal was down by 0.88 per cent. Market confidence has been negatively impacted by the Israel-Hamas conflict, FII outflows, and the poor Q2 earnings of major firms, he added.
Wipro, Tech Mahindra, UPL, Bharti Airtel and Hindalco Industries were among major losers on the Nifty, while gainers were Bajaj Auto, LTIMindtree, Nestle India, Hero MotoCorp and UltraTech Cement.
Nifty opened lower but managed to recover some of the losses to finally close with 46 points at 19625 levels, says Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.
Among sectors, Auto, FMCG and Consumer Durable were major gainers today. US Fed chair Jerome Powell’s speech late Thursday would be key trigger for the market as it will provide some clarity over future interest rate hike.
This along with the escalating situation in Middle East would keep market sentiments subdued. Thus we advise investors to stay cautious in near term, he said.
On the result front, Dalmia Bharat and Ultratech reported healthy numbers. Even in 2W space Bajaj Auto posted good set of number. Thus, we expect Cement and Auto sectors to remain in focus, he added.
VC funding drops 22.5 pc in China in Jan-Nov as India sees surge
As venture capital (VC) funding surged in India this year, China saw a 22.5 per cent decline in VC funding by both volume and value in the January-November period, a report showed on Thursday.
Indian share market opens in green, Nifty above 23,800
At around 9:37 am, Sensex was trading at 78,744.55 after gaining 271.68 points or 0.35 per cent, while the Nifty was trading at 23,812.50 after gaining 84.85 points or 0.36 per cent.
Indian share market ends in red ahead of key global policy decisions
Ahead of key policy decisions especially from the US Federal Reserve, the Indian stock market closed in red on Tuesday as selling was seen in the PSU bank, auto, IT, financial service, pharma, FMCG, metal, and realty sectors of Nifty.
Buy on dips strategy working well in Indian stock market amid sharp rebound
The surge in the Indian stock market on Friday helped the Indian benchmark indices end the week on a positive note. A strong 2,000-point rebound from the lows suggests that the buy-on-dips strategy is working well in the market, experts said on Saturday.