On Tuesday, the Nifty 50 index slipped by 0.85% to close at 24,139, as the market experienced a day of mixed fortunes. While 14 stocks managed to gain, 36 ended in the red, highlighting a day of volatility and selling pressure.
Leading the gainers was Titan, which saw a notable 1.89% rise, pushing its stock price to ₹3,383.55. The company’s strong performance was a standout amid the broader market decline. Apollo Hospitals also showed resilience with a 1.34% increase, bringing its price to ₹6,589.40. Dr Reddy’s Laboratories added to the positive momentum with a 0.90% uptick, ending the day at ₹6,948.40. Tata Consumer and Nestle India rounded out the gainers with increases of 0.68% and 0.47%, respectively.
On the downside, BPCL led the losers with a significant 3.51% drop, reducing its stock price to ₹321.70. HDFC Bank followed closely with a 3.43% decline, bringing its price to ₹1,603.20. Shriram Finance fell by 2.85% to ₹2,891.35, while HDFC Life Insurance experienced a 2.48% decrease, ending at ₹685.00. Bajaj Finance also faced a setback with a 2.17% drop, resulting in a price of ₹6,465.05.
Market analysts observed increased selling pressure at higher levels, contributing to the Nifty’s decline. Shrikant Chouhan, Head of Equity Research at Kotak Securities, noted that technical indicators suggest potential further weakness. He highlighted that the 50-day Simple Moving Average (SMA) at 24,000/78,800 would be crucial in determining the market’s next direction. A break below these levels could lead to further declines, while a recovery above them might spark a pullback rally.
Overall, the market’s performance reflected a cautious sentiment with significant movements in key stocks, setting the stage for a potentially volatile trading environment in the coming days.
hii Aditi Sahu this side..
As an author and writer specializing in investment and finance , I am dedicated to delivering insightful articles and news stories that inform and engage the investment community . My focus is on providing timely and relevant content that covers market trends , innovative strategies , and key financial development . My goal is to equip investors with the knowledge and insights needed to make informed decisions and succeed in a dynamic financial environment.
