Stock market today: Sensex, Nifty 50 end lower dragged by banks, energy stocks; mid, smallcaps outperform
- Domestic equity benchmark indices end in red amid weak cues from Asian markets and volatile trading trends. Broader market outperforms benchmark indices in today's session.
Stock market today: Domestic equity benchmark indices ended in red on Friday's session amid weak cues from the Asian markets and witnessed extremely volatile trading trends. However, the broader market outperformed the benchmark indices in today's session.
The 30-share BSE Sensex ended lower by 187.75 points or 0.28% at 65,794.73 level while the Nifty 50 closed at 19,731.80 level, down 33.40 points or 0.17%.
The broader market closed inched higher than the benchmark indices on Friday's session, the Nifty Midcap 100 closed 0.20% higher and Nifty Smallcap ended flat or 0.09% higher.
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Following the Reserve Bank of India's (RBI) tightening of regulations pertaining to credit cards and personal loans, banks, financial services, public sector banks, and private banks dropped by 0.9% to 2.5% due to worries about the sector's loan growth and profitability.
"The RBI's action to raise risk weights for unsecured loans dampened banking stocks and caused a temporary disruption in the broader indices' resurgence. Despite this, a positive undercurrent prevails, buoyed by the conclusion of a robust earnings season. Investors are awaiting eurozone inflation data later today, which is expected to show a softening trend. Sharp drop in oil prices, and the moderation of US yield will help the market to sustain buoyancy, in the short-term," said Vinod Nair, Head of Research at Geojit Financial Services.
Asian stocks were mostly lower on Friday, according to a report from the news agency AP, as Wall Street drifted to a mixed finish as momentum slowed after a robust rally in the first half of November.Oil prices and US futures both slightly increased. The shares of Chinese e-commerce behemoth Alibaba fell 9.8% after the company scrapped its plan to spin off its cloud computing division, resulting in Hong Kong's Hang Seng to plummet 2.1% to 17,450.44.
The Kospi in South Korea dropped 0.7% to 2,469.85. S&P/ASX 200 Australia fell 0.1% to 7,049.40. Taiex saw a 0.2% increase. Tokyo's Nikkei 225 index gained 0.5% to 33,585.20, while the Shanghai Composite index rose by 0.1% to 3,054.37.
Top Nifty 50 Gainers and Losers
As many as 28 stocks settled in the green in the Nifty 50 index while the rest 22 ended in red.
Shares of SBI Life Insurance Company Ltd (up 3.95%), Apollo Hospitals Enterprise Ltd (up 2.74%), HDFC Life Insurance Company Ltd (up 2.73%), Larsen & Toubro Ltd (up 1.81%) and Tata Consumer Products Ltd (up 1.52%) ended as top gainers. On the other side, State Bank of India Ltd (down 3.72%), Axis Bank Ltd (down 3.28%), Oil & Natural Gas Corporation Ltd (ONGC) (down 2.48%), Bharat Petroleum Corporation Ltd (BPCL) (down 2.07%), and Bajaj Finance Ltd (down 1.91%) were among the laggards.
Sectoral indices today
On the sectoral front, apart from financials, Nifty Oil & Gas dropped 1.11%. Nifty Healthcare, Nifty Pharma, NIFTY FMCG, NIFTY Auto gained 0.6% - 1%.
Experts' Views on Markets
According to Rupak De, Senior Technical analyst at LKP Securities, the Nifty has largely traded within a range, showing a predominantly bullish sentiment. Over the past two to three days, a 'buy on dips' approach has been loved by the street since the Nifty crossed the crucial 19,500 mark.
"The trend is expected to stay positive as the Nifty consistently concludes trading sessions above the critical moving averages. Support levels are situated at 19,630/19,500 on the lower end, while resistance is placed at 19,850/ 20,000 on the higher end," added Rupak.
According to Kunal Shah, Senior Technical & Derivative analyst at LKP Securities, following the RBI's announcement of tightening provisions for consumer loans, the Bank Nifty opened with a gap down and sustained below the 44,000 mark.
"The index's next support is situated at the 43,300-43,250 zone, serving as a crucial line of defense for the bulls. If this level holds, it could pave the way for a potential recovery towards the 44,000 mark. However, a breach of the mentioned support may intensify selling pressure, leading the index further down towards the 42,700 level on the downside," said Shah.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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