MUMBAI: The stock market opened on a positive note on Friday but took a downturn as the trading day concluded. Both Sensex and Nifty registered declines, with some companies witnessing gains while others faced losses.
Sensex saw a 0.33 per cent decrease, closing at 66,009.15, while Nifty also experienced a drop of 0.34 per cent, ending the day at 19,674.25. In the Nifty companies, there were 20 advances and 30 declines.
Among the Nifty companies, top gainers included IndusInd Bank, Maruti, SBI, M&M, and Asian Paints. Conversely, Wipro, Dr. Reddy, UPL, CIPLA, and Bajaj Auto were among the top losers at the market’s closing.
Varun Aggarwal, founder and managing director of Profit Idea, commented on the market’s performance, stating, “Broader markets saw a choppy session today with buying witnessed in many small & mid-cap stocks. Nifty is looking to find stability and support around these levels. Put writers are active selling 19,500 PE. OI data suggest that 19,500 is a crucial psychological level for bulls.”
He further advised investors, saying, “On this fall, investors can look to track IT, Petrochemicals, Banking stocks on dips. Selected blue-chip stocks like HDFC Bank, INFY, Reliance, ITC, etc., can be considered along with Index strategies with bullish bias and defined risk can be opted. Oversold levels on smaller time frames are visible on these stocks, and a bounce can be expected next week.”
The financial markets were also affected by rising crude oil prices globally and the associated strengthening of the US currency.
The major Indian stock indices saw negative trading on Monday and Wednesday as investors mostly booked profits. After the indices reached their new highs last week, investors took some money off the table. On Tuesday, markets were closed in observance of Ganesh Chaturthi. (ANI)