sensex of the day: Sensex, led by Bajaj twins, wins Nifty snap for 4th straight day; IT slide
The 30-share BSE benchmark Sensex was down 195 points, or 0.26 per cent, at 73,677. NSE Nifty closed at 22,356, down 49 points or 0.22%.
Bajaj Finserv and Bajaj Bajaj Finance fell over 4 per cent and remained the top laggards of the Sensex. Nestle India, Infosys, TCS, Wipro and UltraTech Cement also ended with cuts, while Tata Motors, Bharti Airtel, SBI and Sun Pharma ended with profits.
Tech companies make a significant portion of their profits in the U.S., where Federal Reserve Chairman Jerome Powell’s congressional testimony and key labor market data are both scheduled to be released later this week. The market is waiting for clues about the future trajectory of interest rates.
CLSA’s downgrade of its ratings on Tata Consultancy Services and HCLTech from ‘underperform’ to ‘sell’, citing weak growth prospects for 2024, also dragged down the shares. TCS and HCLTech fell 1.7% and 1.1%, respectively.
Nifty Auto rose 1.3 per cent led by Samvardhana Motherson International’s 5.6 per cent rise and Tata Motors’ 3.6 per cent rise. Tata Motors has announced plans to split into two separate listed companies. Broader, domestically focused small-cap and mid-cap stocks fell 1.2%. IIFL Finance closed net down 20 per cent, a day after the Reserve Bank of India ordered non-bank lenders to immediately stop sanctioning, disbursing and selling gold loans as concerns persist about excessive fund inflows into the sector. effect.
“After testing the strong support of 22,300, the index formed another DOJI candlestick pattern, which indicates indecision between bulls and bears. A clear move above 22,420 is required to resume the uptrend,” said Aditya Gaggar, Director, Progressive Shares. .
global market
Global stocks fell below recent highs on Tuesday as investors were disappointed by the lack of a large-scale stimulus package as China’s week-long annual congress began.
Mainland Chinese stocks clawed back earlier losses with the blue-chip CSI 300 rising 0.7% amid suspicions of government-backed buying by some exchange-traded funds.
In Europe, where many key components of the market have a strong influence on the Chinese economy, the STOXX 600 fell 0.3%.
oil impact
Oil prices stabilized on Tuesday after falling in the previous session as the prospect of market tightening due to OPEC+ supply restrictions offset concerns about Chinese growth and uncertainty about the pace of interest rate cuts.
By 09:11, Brent crude oil rose 15 cents, or 0.2%, to $82.95 per barrel, while U.S. West Texas Intermediate (WTI) fell 21 cents, or 0.3%, to $78.53. Brent crude oil is up nearly 8% this year.
Luffy ends up flat.
The Indian rupee closed little changed on Tuesday even as most Asian currencies fell due to rising U.S. bond yields.
The rupee closed at 82.8950, unchanged from the previous trading day’s closing price. The currency hovered in a narrow band between 82.89 and 82.9275 throughout the session.
(Based on the opinion of the institution)
