Finance
Indian benchmark indices began Monday’s trading day on a high note, thanks to a significant increase in index heavyweight HDFC Bank, but struggled to maintain their gains as the session progressed. A large sell-off in Kotak Mahindra Bank and other heavyweights dragged the indices down, resulting in a negative end for the day.
Profit booking by investors at higher levels put more pressure on the market. The Nifty 50 fell 0.29%, closing at 24,781, while the S&P BSE Sensex fell 0.09% to 81,151.
Out of the 50 equities in the Nifty 50 pack, 36 closed lower, with Tata Consumer Products leading the way at 7%. It was followed by Kotak Mahindra Bank, Bajaj Finserv, BPCL, and IndusInd Bank, all of which reported losses greater than 3%.
Other significant stocks that fell more than 1.5% were Trent, Adani Enterprises, Adani Ports & SEZ, Hindalco Industries, Britannia Industries, Cipla, Bajaj Finance, Bharat Electronics, UltraTech Cement, and Grasim Industries.
Bajaj Auto, HDFC Bank, Asian Paints, Mahindra & Mahindra, and Eicher Motors all saw their stock prices rise by up to 4%.
In contrast, the broader market saw strong selling pressure today, with the Nifty Midcap 100 index falling 1.66% to 57,677. Meanwhile, the Nifty Smallcap 100 index slid to 18,797, a 1.47% drop from its previous closing level.
The Q2 FY25 results season has provided little reason for optimism thus far, with generally sluggish underlying trends across industries. This has had a negative impact on investor mood because most equities are trading at high valuations and require excellent performance to maintain them.
Source:Mint
