Stock Market Today: Sensex, Nifty Settles In Red As Inventors Await RBI MPC Outcome
Stock Market Today: All eyes are now on RBI Governor Sanjay Malhotra’s first monetary policy review, which could shape the market's next significant move
The Indian benchmark indices Sensex and Nifty closed lower on Thursday as investors remained cautious ahead of key corporate earnings reports and the Reserve Bank of India's important rate decision on Friday. Trent, Bharti Airtel, and ITC weighed on the Nifty, keeping the index under pressure.
At the time of market closing, the Sensex dropped 213 points or 0.3 per cent to settle at 78,058, while the Nifty declined by 92 points or 0.4 per cent to finish at 23,603. Of the shares traded, 1,871 advanced, 1,907 declined, and 124 remained unchanged.
All eyes are now on RBI Governor Sanjay Malhotra’s first monetary policy review, which could shape the market's next significant move. With the government already implementing a tax cut in the Union Budget to boost consumption, the RBI's stance on rate cuts will be a crucial indicator for future growth.
Border Market
The broader markets ended mixed, with the BSE Midcap index falling nearly 1 per cent, while the BSE Smallcap index closed flat.
Sectorial Update
Apart from Nifty Pharma, Nifty IT, and Nifty Private Bank, which gained between 0.3-0.6 per cent, the remaining nine sectoral indices remained flat or ended lower.
Trent, Bharat Electronics, Titan, Bharti Airtel, and NTPC led the declines, falling between 2-8 per cent, while Cipla, Adani Ports, HDFC Life, Infosys, and Tech Mahindra posted modest gains of 1-2 per cent.
Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates, noted, "The Nifty index opened with an upward gap due to positive global cues but faced profit booking, closing negatively at 23,603. The volatility index, India VIX, rose by 0.65 per cent to 14.18, indicating increase in market volatility. Technically, Nifty formed a red candle of daily scale, indicating weakness. The major support for the index lies at 23,430, while resistance remains at 23,810. Traders are advised to adopt a cautious approach, buying near support and selling near resistance."
"Similarly, Bank Nifty opened with a gap up, faced resistance on higher level, and finally settled the day on a marginal positive note at 50,382 levels. Technically speaking, the Bank Nifty has formed a small red candle near its previous resistance point of 50,600. On the downside, immediate support for the Bank Nifty is placed near 50,000 levels. Thus, the index is expected to consolidate in the 50,000-50,600 range in the short term. A breakout in either direction will further set the next move for the index," Yedve added.
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