Stocks

nifty50: Market Watch: Nifty may consolidate in near term

Welcome to ETMarkets Watch, your daily wrap-up to the day on Dalal Street. I am Nikhil Agarwal.

Benchmark indices saw profit booking in Friday’s trade, with Nifty50 witnessing selling pressure after coming close to the 18,000-mark.

The Nifty50 snapped its longest winning streak in nearly two years as the 50-pack index hit the sub-17,800 level, while the BSE barometer Sensex cracked 652 points to end the session at 59,646.15. Both indices ended over 1% lower from their previous close.

27 shares from the 30-share pack settled with cuts led by IndusInd Bank, falling over 4 per cent, Bajaj twins, Tata Steel, SBI, Maruti, ICICI Bank, and Reliance falling over 2-3 per cent each. NTPC, M&M, HUL, Kotak Mahindra Bank, Titan, and Sun Pharma also settled sharply lower.

L&T, Infosys and TCS were the only stocks to settle in the black. Sectorally, except capital goods and power all other sectoral indices ended the session in red–with Nifty Bank and Auto falling 1.7 and 1.4 per cent. Nifty Realty also tumbled 2 per cent Nifty. Pharma, FMCG, and oil and gas too sank over 1 per cent.

The combined market capitalisation of all BSE-listed companies fell Rs 2.94 lakh crore to Rs 277.58 lakh crore from a record Rs 280.52 lakh crore a day ago.

Broader markets also mirrored the fall in benchmarks as BSE midcap and smallcap indices shed 1 per cent each.

Mr Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said consolidation is likely to continue in near term in absence of fresh trigger, while the overall momentum remains positive in long run.

That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye.


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