The 30-share BSE Sensex ended lower by 139.58 points or 0.21% at 65,655.15 level while the Nifty 50 closed at 19.694 level, down 37.80 points or 0.19%.
On the broader market, the Nifty Midcap 100 hit a fresh all-time high today, and closed 0.11% higher, while the Nifty SmallCap 100 closed flat (0.07%). India’s index of fear, the VIX rose by 2.70% on Monday.
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Amid growing investor optimism that the Federal Reserve has ended its cycle of interest rate hikes, Asian stocks traded mixed on Monday, following Wall Street’s modest gains.
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According to a Bloomberg report, after the brief rise to a new 33-year high for the Nikkei 225 Stock Average, Japanese stocks declined. Due to the strengthening yen, automakers such as Mazda Motor Corp. led the fall.
The Nikkei index rose 0.8% on Monday to reach its highest level since March 1990. However, it then reversed course and fell 0.6% to 33,388.03 at the nearby Tokyo market. After the yen hit its 2023 low earlier this month, exporters led losses in the Nikkei and the larger Topix benchmark. Nikkei 225 index lost 0.59% to 33,388.03.
The Kospi in South Korea rose 0.86% to 2,491.20. Australia’s S&P/ASX 200 rose 0.13% to 7,058.40. Taiex ended flat at 17,210.47, and the Shanghai Composite rose 0.46% to 3,068.32, while Singapore’s FTSE Straits Times Index fell 0.42% to 3,111.58.
Top Nifty 50 Gainers and Losers
As many as 21 stocks settled in the green in the Nifty 50 index while the remaining 27 ended in red.
Shares of Divi’s Laboratories Ltd (up 1.99%), Bharti Airtel Ltd (up 1.74%), Wipro Ltd (up 1.20%), HCL Technologies Ltd (up 1.05%) and Coal India Ltd (up 0.87%) ended as top gainers. On the other hand, Adani Enterprises Ltd (down 2.62%), Bajaj Finance Ltd (down 2.15%), Mahindra & Mahindra Ltd (down 1.99%), SBI Life Insurance Company Ltd (down 1.91%), and UltraTech Cement Ltd (down). 1.43%) were among the laggards.
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Sector indices today
On the sectoral front, apart from Nifty auto (down 0.76%), Fast Moving Consumer Goods (FMCG) (down 0.39%), metal (down 0.48%), realty (down 0.25%), which ended in the red, Nifty IT (up 0.60%), Nifty pharma (up 0.01%), Nifty PSU Banks (up 0.10%) ended in green. Nifty Bank closed flat.
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Markets Expert Views
According to VLA Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT), market is in pause condition before its next big move. And when it comes to sector view, Energy, Metal, Auto, Infra and Realty look weaker compared to Nifty Pharma it and private banks. Sensex is still trading above its 20,50- and 200-day exponential moving averages (EMA).
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Hence, Pull back is expected in next 3-4 days. It’s a record day in Mid Cap Nifty, it hit a fresh all time high today which indicates that mid caps are performing better than large caps from now on but we have to be very selective while picking the stocks for swing trading purposes in the mid cap if your opinion is short term.
“High long-term interest rate trends and a weakening global economy continue to hurt inflows and market movement. While the recent softening of inflation in the US and India and the negative trend in crude is expected to help the view on global equity and India in the short term.
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In that context, the ease in FII selling is helping the domestic markets but continues to consolidate mainly due to India’s premium valuation relative to global peers. In this scenario, the IT sector benefits; however, valuation continues to be higher compared to long-term history, suggesting a cautious approach in the sector in the medium term,” said Vinod Nair, Head of Research at Geojit Financial Services.
Technical Views
According to Kunal Shah, Senior Technical & Derivative analyst at LKP Securities, the Nifty index is currently trading within a broad consolidation phase, forming an internal bar candle, with support observed at 19,650 and resistance at 19,800.
“For a decisive trend move, the index must break out of this range with significant volumes on both sides. Despite the consolidation, the broader picture remains bullish, with important support identified in the 19,550-19,500 zone. A break above 19,850 is expected to open space for for the index to reach all-time high levels,” explained Shah.
Also Read: BSE MidCap and SmallCap hit fresh record highs, gain up to 38% in CY23 so far
Disclaimer: The above views and recommendations are those of individual analysts, experts and trading companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Updated: 20 Nov 2023, 15:30 IST