1. Markets were quiet with gains and losses but closed slightly higher, led by consumer durables stocks. The Sensex rose 102 points to close at 80,905, while the Nifty added 71 points to close at 24,770.
2. Gainers and losers: Among Sensex stocks, Titan, Asian Paints, HUL, Nestle and ITC were the top gainers, rising between 1-2.5 per cent. On the other hand, UltraTech Cement, Tata Steel, Tech Mahindra, Power Grid and HDFC Bank fell.
3. By sector: The top-weighted financial stocks fell 0.15%, while banks lost 0.23%. The Nifty Consumer Durables index gained 1.4% and hit an all-time high, making it the sector with the biggest gain in percentage terms.
Small- and mid-caps, which are broader and more domestically focused, rose 1.21% and 0.34%, respectively.
4. Actions in the news
Nykaa shares saw the biggest intraday surge of 19% today and also hit a new high.
Reliance Power also rose today and hit a new high after reports of Adani Power acquiring its 600-watt thermal plant.
5. Technical factors
According to Vinod Nair of Geojit Financial Services, “The market traded in a narrow range, supported by strong DII inflows. The defensive sector outperformed due to a continued portfolio shift towards FMCG, raw materials and pharmaceuticals.
Global markets were cautious ahead of the release of the FOMC minutes later today.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, “The short-term trend for the Nifty will be positive with a range-bound action. The Nifty can be expected to move towards 24960 and 25100 levels in the next week. The immediate support lies at 24650 levels.”
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.