Market Closing: Sensex Ends 53 Points Lower, Nifty Finishes On A Positive Note

Sensex Today: Equity markets settled in the negative zone on Friday, weighed largely by HDFC Bank, Titan Company, Tata Steel, and M&M. Though the benchmarks fell roughly 0.6 per cent in the intraday trade, they ended flat amid a fag-end recovery led by Reliance Industries.

The BSE Sensex hit an intraday low of 79,479, before ending at 79,997, down 53 points or 0.07 per cent. Similarly, the Nifty50 hit a low of 24,169 before closing at 24,324, up 21 points or 0.09 per cent.

Shares of RIL gained 2.58 per cent, helping the Sensex, and Nifty indices recoup losses. This was followed by SBI (2.5 per cent), NTPC (1.9 per cent), HUL (1.89 per cent), L&T (1.3 per cent), and Nestle India (1.2 per cent).

HDFC Bank (down 4.4 per cent), Titan Company, M&M, Tata Steel, and Tata Motors weighed.

On the contrary, the BSE MidCap, and SmallCap indices hit record highs in the intraday trade, and closed 0.7 per cent higher each,

Sectorally, the Nifty Private Bank, Financial Services, and Bank indices fell 1 per cent each. On the upside, the Nifty FMCG, Pharma, and PSU Bank indices added more than 1 per cent each.

Market View| V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services

“FIIs’ huge long position in the index derivatives and strong buying in the cash market can support the market in the near term. An important trigger may come from the US jobs data expected today. If the jobs data show a loosening labour market and a slowing economy, it can lead to rate cuts by the Fed in September. So, watch out for this data.At 80000 Sensex there is no valuation comfort in the market. Investors should expect only moderate returns in the medium term at the present levels. Long-term prospects are certainly bright and, therefore, investors can continue with systematic investment. Asset allocation based on risk appetite should be the strategy at this juncture in the market.”

Global Cues

Asia-Pacific markets showed mostly positive trends on Friday, with Japan’s key benchmark, the Nikkei 225, continuing its record-breaking streak by climbing 0.24 per cent in early trading. The broader Topix index was down marginally by 0.07 per cent. South Korea’s Kospi index rose by 0.91 per cent, while the Kosdaq, which focuses on small-cap stocks, increased by 0.72 per cent.

In contrast, Australia’s S&P/ASX 200 experienced a slight dip of 0.04 per cent.

In the US markets were closed on Thursday for Independence Day on July 04.