India’s benchmark stock indices declined through Monday as consumer durables, non-banking financial companies and IT sectors dragged, whereas metal stocks were marginally up.
Nifty 50 was trading below 19,500, and Sensex was below 64,900 mark. The previous resistance level 19,450 could be the first support level for the market, and below that, it could be 19,400, as per Kotak Securities Ltd. “We suggest buying select stocks between 19,450 and 19,400, but it is necessary to have a stop loss at 19,300,” said Shrikant Chouhan, head – equity research at Kotak Securities Ltd.
According to the charts Nifty may be taking support at 19,450, followed by 19,400 and 19,350. On the higher side, 19,600 can be an immediate resistance, followed by 19,620 and 19,650, said Deven Mehata, research analyst at Choice Broking.
As of 12:06 p.m., the S&P BSE Sensex was down 340 points, or 0.52%, at 64,919.39 while the NSE Nifty 50 was 87 points or 0.45% lower at 19,438.50.
Shares in Asia weakened slightly after early gains, with key U.S. inflation data due Tuesday and a summit between Joe Biden and Xi Jinping later this week dominating investors’ attention.
Stocks in Hong Kong, mainland China and Australia edged lower, with those in Japan and South Korea steady. U.S. equities futures fell. Markets are closed in Singapore and Malaysia for a holiday.
The moves followed a Friday surge for the tech-heavy Nasdaq 100, which rose 2.3%, helped along by a record high for Microsoft Corp. The S&P 500 rose 1.6%. Markets are closed in Singapore and Malaysia for a holiday.
Coal India Ltd., NTPC Ltd., Eicher Motors Ltd., Power Grid Corp., IndusInd Bank Ltd., and Hindalco Industries Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, ICICI Bank Ltd., HDFC Bank Ltd., Reliance Industries Ltd., Infosys Ltd., and Tata Consultancy Services Ltd. were negatively contributing to the change.
The broader markets outperformed; the S&P BSE MidCap Index was down 0.10%, whereas S&P BSE SmallCap Index was 0.10% lower.
Seventeen out of the 20 sectors compiled by BSE declined while three advanced. S&P BSE Consumer Durables and S&P BSE Information Technology fell the most.
The market breadth was split between the buyers and sellers. About 1,599 stocks rose, 2,017 declined, while 154 remained unchanged on the BSE.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
