Friday, July 19, 2024

Nifty down with most sectors in red

Indian bourses began the week on a tepid note at 19,630 by following its weak Asian counterparts. During the day, an attempt of recovery was seen but the higher levels did not last long and Nifty50 ended the day at 19,528.75 down by 109.55 points, Aditya Gaggar, Director, Progressive Shares, said.

Among sectors, PSU Banking was the best performer followed by the Media; on the flip side, Energy and Auto were the major laggards.

Mid and Small Cap indices outperformed the Frontline Index as corrective moves were mainly seen in the heavyweights, he said.

Vinod Nair, Head of Research at Geojit Financial Services said consolidation continued given the rising US bond yields and dollar index, prompting FIIs to pull funds.

The moderation in oil prices may provide respite on the downside. Infrastructure activity indicates an acceleration led by the rise in core sector output, he said.

The auto stocks declined due to mixed bag monthly data, while a near-normal monsoon will aid positive sentiment for consumption in the near term, he added.

Nifty closed on a negative note were most of the sectoral indices completed the day in the red whereas Nifty PSU banks outperform today with the gains of 2.38 per cent, says Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.

Titan Company, Bajaj Finance, L&T, Bajaj Finserv and Adani Ports were among the top gainers whereas ONGC, Eicher Motors, Hindalco Industries, Maruti Suzuki and Dr Reddy’s Laboratories were among the top losers.



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