Indian stock market today was mixed in nature wherein the overall index underwent positive movement while other indices struggled. The BSE Sensex moved to 77,339, which showed a relatively minor drop as markets were engulfed by sidelined sectoral movements.
NIFTY 50:
The Nifty 50 closed at 23,453, with the trend thus being a balanced one as significant gainers were accompanied by significant losers. Hindalco Industries topped the gainers, with its share price surging by more than 3%. Hero MotoCorp and Tata Steel followed, with their respective shares advancing by more than 2% each. Other significant contributors to the gains were Nestlé India, Hindustan Unilever, Mahindra & Mahindra, and SBI. However, the index was not spared as losses of its top performers; TCS dropped by more than 3%, followed by Dr. Reddy’s Laboratories and Infosys, which fell by more than 2% each. Further losses were witnessed in BPCL, Cipla, Wipro, Apollo Hospitals, Trent, NTPC, Axis Bank, Tech Mahindra, and HCL Tech.
NIFTY BANK:
The Nifty Bank index closed the day at 50,363 and could end the day with a minor bull trend. IDFC First Bank was found to be the leader in that sector, moving up by nearly 3%. Federal Bank was just next in that line with an upward movement of almost 1%. SBI and Punjab National Bank also participated actively and collectively pushed the index for a much-needed greener close.
NIFTY NEXT 50:
The Nifty Next 50 closed the session at 67,472, which saw a small uptrend similar to Nifty Bank. Varun Beverages made it to the top of the pack and was up by over 6%. Vedanta Ltd was up by over 3%, and Cholamandalam Investment, Indigo Airlines, United Spirits, and Power Finance Corporation all helped close in the green.
BSE 200:
The BSE 200, however ended a tad negative, closing at 10,775. Losses in key stocks such as Solar Industries, which fell over 2%, and SRF Ltd, that too plunged by over 2% dragged it down. The small downtrend noted in this index was compounded by further losses in LTIMindtree and Deepak Nitrite.
The mixed performance across indices today reflects a series of global and domestic factors. Rising crude oil prices, selling pressure from FIIs and mixed Q2 earnings reports probably played a role in shaping investor sentiment. But unless the IT stocks provided some relief through their upward movements and mid-caps moved northward, the overall market performance would have been limited by declines in IT and pharma stocks. However, market participants remain cautiously optimistic about recovery in the sessions ahead.
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Tomorrow 19th Nov is celebrated as NATIONAL INTEGRATION DAY (INDIRA GANDHI’S BIRTHDAY)
As stated in Bhagavad Gita :
कर्मण्येवाधिकारस्ते मा फलेषु कदाचन।
You have the right to perform your prescribed duties, but you are not entitled to the fruits of your actions.
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