Indian equity benchmarks closed Monday’s session on a positive note. However, the benchmarks gave up the intra-day gains during closing. The Nifty 50 closed the session 32 points or 0.13% higher at 24,773, and the Sensex surged 75 points or 0.09% to end at 80,787.
Similarly, the Nifty Bank was in line with the overall market, settling 72 points or 0.13% higher at 54,187. The small and midcap stocks rallied, outperforming the benchmarks. The BSE Midcap declined 150 points, or 0.33%, at 45,608.90. On the other hand, the BSE Smallcap finished 158 points or 0.30% lower at 52,910.63.
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“The domestic market failed to sustain its early gains as a late-session sell-off reflected the prevailing ‘buy-on-dips, sell-on-rallies’ strategy, highlighting investor caution. Auto and ancillary stocks continued to rally on expectations of demand recovery following GST rate cuts, while IT remained weak amid global uncertainties. Globally, sentiment improved after soft U.S. jobs data raised hopes of a Fed rate cut in September. However, renewed concerns over sanctions on Russian oil pushed crude prices higher, and gold extended gains as trade-related uncertainties sustained demand for safe-haven assets,” said Vinod Nair, Head of Research at Geojit Investments.
5 big highlights from today’s market action-
Indices in intraday trade
The indices closed Monday’s session on a positive note. During the session, out of 3,145 trading stocks, 1,750 advanced, while 1,285 declined, and 110 remained unchanged. Today, 114 stocks hit a fresh 52-week high. Meanwhile, 50 stocks touched a new 52-week low.
Top gainers
Tata Motors was the top gainer in the Nifty 50 in Monday’s session, closing 4.25% higher. It was followed by Bajaj Auto, Mahindra & Mahindra, Eicher Motors, and JSW Steel.
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Trent’s shares were the biggest losers in today’s trade, declining 3.99%. It was followed by Asian Paints, Dr Reddy’s Lab, Coal India, Nestle India, and many others.
Top sectors in Monday’s trade
The Electronics sector’s stocks rose the most in Monday’s weak trade, rising 5% in the market capitalisation.
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