The domestic market experienced a mixed trading session, with initial gains followed by profit booking in the latter half of the trade. The key indices faced downward pressure, erasing some of the early optimism.
Early Highs and Subsequent Pullback
The Sensex embarked on the trading day with a promising opening, gaining 289 points to reach 65,722.51 from the previous close of 65,433.30. The index surged further, hitting an intraday high of 65,913.77, marking a rise of 480 points. However, the second half of the session witnessed a reversal as all gains were relinquished. The Sensex concluded with a decline of 181 points, or 0.28%, settling at 65,252.34. The Nifty50 experienced a similar trajectory, ending the day at 19,386.70, down 57 points, or 0.29%.
Mid and Small Caps Shine
While the benchmark indices faced downward pressure, mid and small-cap stocks outperformed. The BSE Midcap index edged up by 0.11%, and the Smallcap index clocked a gain of 0.21%, offering a counterpoint to the broader market trend.
Highs and Lows in Individual Stocks
Amidst the market fluctuations, several individual stocks displayed notable performances. As many as 264 stocks, including Axis Bank, Larsen & Toubro, Dr Reddy’s Labs, Federal Bank, Mphasis, Shriram Finance, and Tata Power, touched their fresh 52-week highs during intraday trade on BSE. On the other hand, 35 stocks experienced losses in the Nifty index, with 16 stocks concluding the day with gains.
Top Gainers and Losers
Reliance Industries, Divi’s Labs, and Power Grid emerged as the top losers in the Nifty index, experiencing declines of 1.84%, 1.52%, and 1.32%, respectively. Conversely, BPCL, Asian Paints, and IndusInd Bank claimed the top gainer positions in the Nifty index, boasting gains of 1.93%, 1.78%, and 1.26%, respectively.
Sectoral Performance
In terms of sectoral indices, most ended the day in the red. The Nifty Healthcare Index, PSU Bank, Pharma, and Oil & Gas stood as the top losers among the sectoral indices, marking declines of 0.78%, 0.65%, 0.58%, and 0.56%, respectively. On a positive note, Nifty IT managed to rise by 0.61%. The surge in IT stocks followed Goldman Sachs’ initiation of coverage on six Indian IT services companies, predicting growth amid the tailwinds of Generative AI and pent-up demand.
A Tapestry of Market Dynamics
The day’s trading session captured a spectrum of market dynamics, from initial gains to subsequent profit booking. Amidst the ebb and flow, individual stocks, sectoral indices, and external influences all contributed to the intricate fabric of the market landscape.
Disclaimer: The information provided here is for educational purposes only and should not be considered financial advice. Always conduct thorough research and consider consulting a financial professional before engaging in algorithmic trading.