Stock Market losses early gains to end in red
At close, the Sensex was 135.03 points (0.18 per cent) lower, settling at 75,183.36, while the Nifty was at 23,654.70, down 4.30 points or 0.02 per cent.
Benchmark indices started the week on a positive note, erasing some of the previous session’s losses. The Nifty 50 index continued to face resistance at around the 25,000 levels.
Sensex closed up 329.06 points or 0.40 per cent at 81,635.91, while the Nifty 50 was up 97.65 points or 0.39 per cent at 24,967.75.
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Broader market indices underperformed key indices, with BSE Mid and Smallcap indices ending on a flat note.
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The overall market capitalisation of BSE-listed firms rose to Rs 455 lakh crore from Rs 453.65 lakh crore in the previous session.
Among the sectors, Nifty IT ended with a solid gain of 2.37 per cent, Realty was up 0.75 per cent, Metal up by 0.65 per cent , and Consumer Durables up by 0.57 per cent .
On the downside, Nifty Media dipped by 1.67 per cent. Further, Nifty Bank slipped 0.02 per cent. PSU Bank index dropped 0.25 per cent while the Private Bank index ended with a nominal gain of 0.02 per cent.
IT and metal shares rallied on Federal Reserve Chair Powell’s hint on the US interest rate trajectory. The IT sector saw broad-based buying, further supported by positive brokerage commentary.
Share of Yes Bank gained nearly 5 per cent after the RBI gave its approval to Japan’s SMBC to acquire a 24.99 per cent stake in the lender.
Ola stock also gained 5 per cent, touching an intraday high of Rs 49.40.
Around 164 stocks hit their 52-week high, while in contrast, 84 stocks touched 52-week lows.
Those on the highs included Authum Investment & Infrastructure Ltd, Cummins India Ltd, Delhivery Ltd, HDFC Asset Management Company Ltd, Jindal Stainless Ltd, Mahindra & Mahindra Ltd, Maruti Suzuki India Ltd, FSN E-Commerce Ventures Ltd, TVS Motor Company Ltd, and UPL Ltd.
Notable mentions on lows were Affordable Robotic & Automation Ltd, Bajaj Steel Industries Ltd, Hindusthan National Glass & Industries Ltd, Praveg Ltd, R K Swamy Ltd, Sharika Enterprises Ltd, Sprayking Ltd, and EMS Ltd.
Amid expectations of a Fed rate cut in September, a wave of optimism swept through the domestic market.
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