Indian stock market closed in red, Nifty below 23,700 level
Mumbai: Indian stock markets closed in the red on Monday. Withdrawal of foreign institutional investors, global cues and weakening rupee affected investor sentiment, which resulted in a decline in the market.
The Sensex closed down 450.94 points or 0.57 per cent at 78,248.13 and the Nifty closed down 168.50 points or 0.71 per cent at 23,644.9. Nifty Bank closed down 358.55 points or 0.70 per cent at 50,952.75. The Nifty Midcap 100 index closed at 57,189.75, up 209.95 points or 0.37 per cent, while the Nifty Smallcap 100 index closed down 115.90 points or 0.62 per cent at 18,639.95.
According to Rupak Dey of LKP Securities, “Nifty fluctuated during the session, moving between 23,600 and 23,900. On the daily chart, the index has slipped below its recent consolidation. Moreover, it continues to trade below the 200-DMA, indicating weak sentiment. Overall, the outlook remains negative for the short term, with potential downside risks.”
On the Bombay Stock Exchange (BSE), 1,486 stocks closed in the green and 2,636 in the red, while 145 stocks remained unchanged. On the sectoral front, selling was seen in the Nifty’s auto, PSU bank, financial service, metal, realty, media, energy, infra and commodities sectors. At the same time, buying was seen in pharma, IT, FMCG and healthcare sectors.
Tata Motors, Titan, M&M, Tata Steel, SBI, NTPC, Maruti Suzuki, HDFC Bank and ICICI Bank were the top losers in the Sensex pack. Whereas, Zomato, Tech Mahindra, HCL Tech, Sun Pharma, IndusInd Bank and Asian Paints were the top gainers.
The rupee closed stable at 84.84 against the US dollar. On the previous trading day, Friday, the Indian rupee closed at 85.54 against the US dollar. On Monday, the Indian currency strengthened by 6 paise to open at 85.48 against the dollar. Foreign institutional investors (FIIs) sold shares worth Rs 1,323.29 crore on December 27, while domestic institutional investors bought shares worth Rs 2,544.64 crore on the same day.
