Today’s stock market: The shares of a few giants, including Reliance Industries and Bharti Airtel, were the biggest losers as the Indian stock market benchmarks, the Sensex and the Nifty 50, closed lower on Thursday, September 5.
Weak global cues and a deficiency of new catalysts maintained market mood. As expectations on the scope and magnitude of Fed rate cuts are set to be largely shaped by this Friday’s release of the US monthly jobs report, investors’ attention is currently focused on this data.
The Nifty 50 closed at 25,145.10, down 54 points, or 0.21 percent, while the Sensex closed at 82,201.16, down 151 points, or 0.18 percent. However, the small- and mid-cap sectors ended the day higher. Closed percentage increases for the BSE Midcap and Smallcap indices were 0.27 percent and 0.56 percent, respectively.
In intraday trading on the BSE, over 320 stocks—including those of Hindustan Unilever, Sun Pharma, Apollo Hospitals, Divi’s Labs, Lupin, DMart, HDFC AMC, ICICI Lombard General Insurance Company, Shriram Finance, and United Spirits—reached new 52-week highs.
From ₹465.14 lakh crore in the previous session, the total market capitalization of companies listed on the BSE surged to about ₹465.66 lakh crore.
“Trading was erratic throughout the day, with Reliance Industries profit-taking driving the markets to a dismal finish. The majority of market indexes were mixed to slow globally on Friday, and investors were waiting for important US data that could provide some indication as to the Federal Reserve chairman’s probable position on interest rates in this month’s policy announcement, according to Prashanth Tapse, Senior VP (Research), Mehta Equities.
In the Nifty 50 index, up to 33 stocks saw their value decline. The Nifty index’s top losers at closing were shares of Cipla (down 1.46 percent), Dr. Reddy’s Labs (down 1.28 percent), and Coal India (down 1.28 percent).
Conversely, the index’s biggest gainers at closing were shares of Titan (up 3.11%), LTIMindtree (up 1.44%), and Wipro (up 1.16%).
Reliance Industries (down 1.26%), Bharti Airtel (down 1.08%), and L&T (down 0.71%) concluded as the top index draggers in terms of contribution.
Nifty Realty (down 0.97%), Auto (down 0.38%), Oil & Gas (down 0.38%), Pharma (down 0.12%), and FMCG (down 0.07%) were the sectoral indices that concluded lower.
Nonetheless, Nifty Media (up 0.81%), Consumer Durables (up 0.66%), and IT (up 0.46%) also had respectable closing advances.
The PSU Bank and Private Bank indexes increased by 0.32 percent and 0.09 percent, respectively, while the Nifty Bank saw a 0.14 percent increase.
Technically speaking, the uptrend is still in place, according to Sharekhan by BNP Paribas technical research expert Jatin Gedia. Over the course of the next few trading sessions, there is a good chance that the market will consolidate in the region of 25,000 to 25,350.
Dips that move into the support area of 25,100–25,050 provide a good time to buy. The immediate barrier is set at 25,300–25,350 on the upside, according to Gedia.
Read Also: Reliance Share Price Leads YTD Gains: Time to Buy, Sell, or Hold?
