Indian stock markets showed modest gains in midday trading on Monday, with the Nifty and Sensex both inching upward despite mixed market sentiment. As of 1 pm, the Nifty 50 index was trading at 24,871.00, up 18.85 points or 0.08 per cent from its opening value. The BSE Sensex stood at 81,297.31, gaining 113.38 points or 0.14 per cent.
Market breadth remained negative, with 2,545 stocks declining compared to 1,373 advances on the BSE. One hundred fifty-two stocks remained unchanged. The exchange saw 237 stocks hitting 52-week highs, while 49 touched 52-week lows. Additionally, 312 stocks reached their upper circuit limits, and 264 hit lower circuits.
Shrey Jain, Founder and CEO of SAS Online, offered cautionary guidance in his mid-market comment. “Last week, Nifty ended its four-week winning streak with a reversal. The previous support level of 25,100 has now turned into resistance,” he stated. Jain warned, “As long as this level isn’t surpassed, we should be wary of potential weakness in the Nifty, with a drop to 24,500 also possible.”
He further said, “Any rallies should be cautiously approached until Nifty can break above 25,100. Similarly, Bank Nifty now faces strong resistance at 51,250. A decline to 50,000, and possibly even to 49,700, cannot be ruled out.”
Among the top gainers on the NSE, Shriram Finance led with a 2.01 per cent increase, followed by SBI Life at 1.74 per cent, Hindustan Unilever at 1.36 per cent, ICICI Bank at 1.30 per cent, and Britannia at 1.28 per cent. On the flip side, ONGC was the biggest loser, dropping 3.90 per cent. Other top losers included Hindalco (-2.06 per cent), Tata Motors (-1.84 per cent), Coal India (-1.76 per cent), and NTPC (-1.63 per cent).
Given the current market conditions, Jain emphasized the need for caution. “Given the expected market volatility in the coming days, investors should be cautious when selecting stocks and maintain light positions to better manage the current fluctuations,” he concluded.
As the trading day progresses, market participants will closely monitor these trends and any potential shifts in sentiment leading up to the market close at 3:30 p.m.
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Published on September 9, 2024
https://www.thehindubusinessline.com/markets/stock-markets/mid-day-updates-indian-stock-markets-show-modest-gains-despite-mixed-sentiment/article68621147.ece
