Market Recap: Frontline Indices Retreat 1 Percent Amid Widespread Selloff

Market Recap: Frontline Indices Retreat 1 Percent Amid Widespread Selloff

VoM News Desk | January 30, 2024 | 07:23 PM IST | Breaking News | Follow on Google News

Market Recap: Frontline Indices Retreat 1 Percent Amid Widespread Selloff

Market Recap: Frontline Indices Retreat 1 Percent Amid Widespread Selloff

Key Points:

• Market Performance: The Nifty 50 and the Sensex, after a recent surge, declined by 1% each, with Reliance Industries, ITC, and Bajaj Finance among the top drags. Most sectoral indices ended with losses as investors booked profits ahead of the US Fed policy outcome on January 31.
• US Fed Policy Outlook: The focus is on Fed Chair Jerome Powell’s commentary on the inflation trajectory, with a status quo on interest rates expected. Market sentiment remains cautious ahead of the Interim Budget, anticipating potential volatility.
• Nifty 50 Movement: Nifty 50 opened at 21,775.75, touched an intraday low of 21,501.80, and closed 216 points (0.99%) lower at 21,522.10.
• Sensex Movement: Sensex opened at 72,000.20, hit an intraday low of 71,075.72, and closed 802 points (1.11%) lower at 71,139.90. Only six stocks were in the green.
• Midcap and Smallcap Indices: BSE Midcap ended lower by 0.53%, while BSE Smallcap index gained 0.18%, reaching its all-time high of 45,213 during the session.
• Market Capitalization: Overall market capitalization dropped to nearly ₹375.4 lakh crore, making investors poorer by about ₹1.8 lakh crore in a single session.
• Top Nifty Gainers: Tata Motors, BPCL, and Eicher Motors closed as the top gainers.
• Top Nifty Laggards: Bajaj Finance, UltraTech Cement, and Titan were the top laggards.
• Sectoral Performance: Majority of indices ended with losses. Nifty Consumer Durables and FMCG ended significantly lower, while Nifty PSU Bank index rose 0.96%.
• Expert Views: Investors adopted a cautious approach, anticipating the Fed meeting and the Interim Budget, with concerns over valuations and tensions in the Middle East. The Nifty faced resistance around 21,750, ending the recent counter-trend rally.
• Technical Analysis: Nifty’s failure to cross resistance at 21,750, negative crossovers in momentum indicators, and a sell signal suggest weakness. Short-term consolidation within the range of 21,200 – 22,000 is expected, with potential trending moves based on the Budget outcome.

Disclaimer: The information provided is based on market analysis and expert opinions. It should not be considered as financial advice. Please do your own research before making any investment decisions.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.