View in English:
September 22, 2023 11:03 am

Stock market closes in red after hitting fresh highs last week

The Fact News Service
Mumbai, September 18

indices began the week on a slightly cautious note, opening with marginal losses as investors engaged in mild profit bookings following the recent record highs.

The Sensex closed the day down by 266.41 points, settling at 67,572.23, while the Nifty saw a decline of 69.80 points, concluding at 20,122.55. Among the Nifty companies, there were 24 advances and 26 declines.

The top gainers for the day included Power Grid, Titan, HDFC Life, M&M, and BPCL, while Hindalco, HDFC Bank, Adani Ports, Dr Reddy’s Laboratories, and Bharti Airtel were among the top losers at the time of market closing.

Milind Muchhala, Executive Director at Julius Baer India, shared insights into the current market conditions, emphasizing a note of caution, especially in the small and microcap segments.

While the overall market conditions appear favourable, with stable macro-economic indicators, easing inflation, and robust corporate earnings in Q1FY24, potential sources of intermittent volatility include actions by the US Federal Reserve, rising commodity prices, uncertain monsoon impacts, upcoming state elections, and soft rural consumer demand.

He recommended a slightly conservative approach, favouring large-cap and larger midcap names and considering profit-taking in stocks that have experienced recent surges.However, Muchhala also highlighted the positive outlook for Indian markets, driven by economic growth, strong corporate earnings, expected inflows, and valuations in line with historical averages.

Varun Aggarwal, founder and managing director, of Profit Idea said, “ Nifty after going towards the expected target of 20200 levels, is not consolidating. Banks stocks corrected today leading the index to close in minus after full-day consolidation”.

“Nifty remains bullish with major support at 19517. Investors should focus on quality stocks in this correction & consolidation we can see on the index. Nifty on the upside can target 20466”, added Aggarwal.

“On Bank Nifty, major support lies at 44658 & it can potentially target 48050-50850 in the medium term. Mid and small-cap ratio remains quite bullish and can target higher levels. It is far from the highs we have seen in past rallies of 2008-2018”, said Aggarwal.

Aggarwal said, “Many small and mid-cap stocks can potentially rise and give good returns to investors from current levels”.

Investors can trade with a bullish bias keeping portfolio stop loss of Nifty of 19517. Indian stock indices had previously reached fresh highs due to strong cues from US markets and continued foreign portfolio investments.

The Indian economy’s solid GDP growth rate in the first quarter of 2023-24, coupled with consistent foreign investments, had contributed to improved investor sentiment. (ANI)

Tags: ,

Leave a Reply

Your email address will not be published. Required fields are marked *

Quick links:
FACT News TV
National
Religious
Filmi Galbaat
Sports

India News

More

Explore

View in punjabi

Follow Us