Business

Indian Markets End Flat After Volatile Session; Mixed Global Trends Weigh

On Monday, Indian equity markets closed nearly unchanged after a turbulent trading session influenced by mixed global trends.

The Sensex dropped 112.16 points, or 0.15%, to settle at 73,085.94, fluctuating between an intraday high of 73,649.72 and a low of 72,784.54.

Meanwhile, the Nifty ended marginally lower by 5.40 points, or 0.02%, at 22,119.30, after touching a high of 22,261 and a low of 22,004 during the session.

Despite starting on a positive note, the indices turned lower by midday, losing nearly 0.5%.

However, buying interest in metal, realty, and IT stocks helped the market recover in the second half.

Among Nifty constituents, 33 out of 50 stocks closed in the green.

Bharat Electronics, Grasim, Eicher Motors, JSW Steel, and UltraTech Cement were among the top gainers, rising up to 4.65%.

On the downside, Reliance Industries slipped by 2.17%, weighing on overall market sentiment.

Broader market indices showed mixed performance. The Nifty Midcap100 index gained 0.14%, while the Nifty Smallcap100 index dipped 0.27%.

Sector-wise, the IT, Metal, Auto, Pharma, Realty, and Healthcare indices ended in positive territory, with the Nifty IT index leading the gains at 1.26%. In contrast, banking, oil & gas, and media sectors saw declines of up to 1.10%.

After heavy selling in the previous session, some buying emerged as the market attempted to rebound following its longest monthly losing streak since 1996.

Vatsal Bhuva of LKP Securities noted that Nifty held support around 22,000 and closed above the crucial 38.2% Fibonacci retracement level of 22,043, derived from the 2022 low of 15,213 to its record high of 26,277.

However, he cautioned that the broader trend remains weak, with a bearish outlook prevailing unless Nifty firmly surpasses 22,600.

Also Read: Indian Pharma Sector Sees Strong Growth; Faces Emerging Challenges

Mankrit Kaur

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