Sensex, Nifty snap record run as financial stocks take breather

The S&P BSE Sensex ended 168.66 points lower at 71,315.09, while the NSE Nifty 50 fell 38 points to settle at 21,418.65. Broader market indices were mostly mixed, as volatility spiked during the session.

Benchmark stock market indices ended the trading session on a weak note on Monday, snapping a record run as most heavyweight stocks took a breather.

The S&P BSE Sensex ended 168.66 points lower at 71,315.09, while the NSE Nifty 50 fell 38 points to settle at 21,418.65. Broader market indices were mostly mixed, as volatility spiked during the session.

Among sectoral indices, the Nifty Bank fell 0.57 per cent and Nifty Financial Services ended 0.39 per cent lower. Both gained sharply in the past two sessions. Only Nifty Media and Nifty Pharma registered strong gains.

Bajaj Auto, Hindalco, Sun Pharma, Adani Ports and Reliance were among the top gainers on the Nifty 50, while Power Grid, ITC, Tech Mahindra, ICICI Bank and JSW Steel were the top drags on the 50-share index.

Deven Mehata, research analyst at Choice Broking, said, “After a flat opening, the Nifty traded erratic today, and closed the session at the opening level forming a kind of doji on daily chart.”

Meanwhile, Aditya Gaggar Director of Progressive Shares, said, “Among the sectors, Media and Pharma were the outperformers while Realty and Banking indices have experienced a corrective move in the form of profit booking.”

“With gains of 0.22% and 0.56%, Mid and Smallcaps outperformed the Benchmark Index. On the daily timeframe, the Index has formed an Inside Bar DOJI candlestick pattern which indicates a rangebound activity can be expected with the downside being protected at 21,330 while 21,500 will act as a resistance level,” he noted.

Published By:
Koustav Das
Published On:
Dec 18, 2023