Benchmark indices NSE Nifty 50 and BSE Sensex ended Tuesday’s session in the red. The Nifty 50 dipped 20.25 points or 0.10% to 19,733.55 and BSE Sensex fell 68.36 points or 0.10% to 66,459.31. In sectoral indices, Bank Nifty tumbled 58.60 points or 0.13% to 45,592.50, Nifty Auto dipped 0.12%, Nifty PSU Bank sank 0.52% and Nifty Realty tanked 1.77% while Nifty IT jumped 1.2%. The top gainers on Nifty 50 were Coal India, NTPC, Tech Mahindra, HCL Tech and LTIM while the losers were Power Grid, Hero Motocorp, Apollo Hospital, Adani Ports and Bajaj Finserv.
“The domestic indices traded with a negative bias below the flattish trend, impacted by global peers. Despite this, mid- and small-cap stocks continued to outperform the benchmark index. IT stocks rallied on hopes of a soft landing for the US economy. India’s manufacturing activity remained robust, although marginally it moderated for the second consecutive month in July. The market direction in the upcoming days will be influenced by key data points, including auto sales figures, US PMI, and US job data,” said Vinod Nair, Head of Research at Geojit Financial Services.
Bank Nifty may drift lower to 45000
“Bank Nifty managed to retrace only 50% of the previous fall from 46310-45238 and again faced selling pressure. Considering that the hourly momentum indicator has reached the equilibrium line we expect that the pullback has matured and is ready for the next leg of the down-move. We expect the Bank Nifty to drift lower to 45000 over the next few trading sessions,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.