Synopsis
On April 24, the Indian stock market opened lower as benchmark indices faced pressure from mixed global cues. Selling was prevalent in key sectors, while analysts suggest potential support from macroeconomic factors.Key Takeaways
- The Sensex fell by 221.03 points, closing at 79,895.46.
- The Nifty declined by 75.55 points, reaching 24,253.40.
- Top gainers included Bajaj Finance and Tata Motors, while Infosys and HDFC Bank faced losses.
- Foreign institutional investors bought equities worth ₹3,332.93 crore.
- Market analysts foresee better entry points in the PSU Banking sector.
Mumbai, April 24 (NationPress) The domestic benchmark indices began the day on a lower note on Thursday, influenced by mixed global signals, with notable selling pressure in the automobile, metal, and real estate sectors during early trading.
By approximately 9:30 am, the Sensex was down by 221.03 points or 0.28 percent, standing at 79,895.46, while the Nifty experienced a decrease of 75.55 points or 0.31 percent, reaching 24,253.40.
The Nifty Bank index fell by 152.60 points or 0.28 percent to 55,217.45. The Nifty Midcap 100 index recorded a drop of 36.70 points or 0.07 percent, trading at 55,004.40, whereas the Nifty Smallcap 100 index rose by 10.85 points or 0.06 percent, reaching 16,980.60.
Market analysts noted, "The Nifty had extended its winning streak for the seventh consecutive day on April 23, closing robustly. However, today’s session may exhibit increased volatility as traders transition their April F&O positions."
"The markets might find a supportive base due to the RBI's favorable inflation outlook, renewed interest from foreign institutional investors, alleviated concerns regarding the Federal Reserve, and an improvement in US-China trade relations. The Nifty is expected to remain bullish above its 200-DMA (24,052) with a target of 24,858. Recommended strategy: purchase on dips," stated Prashanth Tapse, Senior VP (Research) at Mehta Equities.
In the Sensex category, Bajaj Finance, Bajaj Finserv, Tata Motors, Maruti Suzuki, Hindustan Unilever Limited, and SBI were among the top gainers. Conversely, Eternal, Infosys, HDFC Bank, Sun Pharma, ICICI Bank, and TCS faced losses.
In the previous trading session, the Dow Jones in the US surged by 1.07 percent to close at 39,606.57. The S&P 500 rose by 1.67 percent to 5,375.86, and the Nasdaq increased by 2.50 percent, closing at 16,708.05.
Across Asian markets, Japan and Jakarta noted positive trading, while Seoul, Hong Kong, Bangkok, and China experienced declines.
Foreign institutional investors (FIIs) purchased equities worth ₹3,332.93 crore on April 23. In contrast, domestic institutional investors (DIIs) sold equities worth ₹1,234.46 crore on the same day.
Analysts suggest that the PSU Banking segment is poised to present better entry points following further corrections, while Railway stocks are gaining momentum, although a clearer confirmation is necessary before making a decisive move.
