The stock market closed in negative territory on Monday with both benchmark indices posting losses amid range-bound trading.
The BSE Sensex declined by 384.55 points, settling at 81,748.57, while the NSE Nifty shed 100.05 points, closing at 24,668.25. From the Nifty pack, only nine companies advanced, while 40 stocks declined, reflecting a broadly bearish sentiment.
Among the top gainers were Dr. Reddy’s Laboratories, IndusInd Bank, HDFC Life, Power Grid Corporation, and Bajaj Finance, which managed to post gains despite the weak market sentiment. Conversely, Titan, Hindalco, Adani Ports, TCS, and Tech Mahindra emerged as the top losers, dragging the indices down.
Rupak De, Senior Technical Analyst at LKP Securities, commented on the market dynamics, saying that Nifty remained range-bound during the session, trading within the bands of 24,600 and 24,800.
“The sentiment remains positive for the short term as the index sustains above the critical moving average on the daily timeframe. On the higher end, the index may continue its upward movement towards 25,000 and beyond in the short term. On the lower end, crucial support is placed at 24,500,” he said.
He added that the short-term outlook for Nifty remains optimistic, with the potential for upward movement toward 25,000 and beyond provided the index maintains momentum. On the downside, 24,500 has been identified as a crucial support level, serving as a buffer against further declines.
Despite the negative closing, analysts suggest that the market continues to display resilience, supported by positive sentiment in the short term.
However, with limited advances among Nifty companies, investors have been advised to remain cautious and watch for cues that could influence broader market trends in the coming sessions.
Indian stock markets started the fresh week on a cautious note on Monday, as both indices declined marginally during the opening session.
The US Federal Reserve meeting is set to start on Tuesday and markets around the globe are expecting a 25 basis points cut. (ANI)
