The day concluded on a subdued note for benchmark stock market indices, primarily influenced by a noticeable decline in the banking and information technology sectors during the trading session.
The S&P BSE Sensex, a prominent benchmark, wrapped up the day with a decline of 125.65 points, ultimately settling at 66,282.74. The NSE Nifty 50, another significant index, saw a decrease of 42.95 points, concluding at 19,751.05. Despite today's market fluctuations, these benchmark indices managed to secure weekly gains of 0.5 percent each.
In tandem with the benchmark indices, the more domestically-focused broader markets also displayed a lackluster performance, experiencing an uptick in volatility.
During the trading session, several sectoral indices took a hit, with notable declines observed in Nifty Bank, Nifty IT, and Nifty Financial Services. However, the automotive sector offered a modicum of support to the benchmark indices.
Among the notable performers on the Nifty 50, the top gainers included Tata Motors, HCL Tech, IndusInd Bank, Tata Consumer Products, and Nestle India. On the flip side, Axis Bank, Adani Enterprises, Infosys, SBI, and Wipro were among the top decliners.
While retail inflation in India eased to a three-month low of 5.02 percent, domestic markets faced pressure stemming from concerns over the prospect of higher US interest rates, coupled with a downturn in IT stocks triggered by downward revisions in revenue guidance for FY24, notably by HCL Technologies and Infosys.
Zooming in on individual stocks, Tata Motors emerged as a clear winner among blue-chip stocks, recording an impressive gain of 4.73 percent.
Nestle India shares reached a record high, buoyed by a target price upgrade from Citi. Additionally, SpiceJet shares soared substantially by 19.39 percent, fuelled by reports suggesting that Rakesh Gangawal, co-founder of IndiGo, was in discussions to acquire a stake in the company.
Shrey Jain, Founder and CEO of SAS Online, provided insight into the market's near future, anticipating that it is likely to remain within a trading range in the upcoming period due to the absence of discernible trends. As a result, traders are advised to exercise caution, adopting a strategy of buying during market downturns and selling during upswings, with a focus on setting relatively conservative targets.
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