Benchmark stock market indices started the day on a lower note as investors opted to secure profits, leading to a consolidation trend on Dalal Street. Notably, heavyweight stocks in the financial and private sector banking sectors experienced a decline during early trading hours.
The S&P BSE Sensex saw a decrease of 132.28 points to 85,509.62, while the NSE Nifty50 dropped by 31.90 points to 26,143.85 by 9:26 am. Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, suggested that the market seemed to be consolidating near recent record highs before potentially reaching new peaks.
Despite the general positive sentiment, some stocks opened lower. The top five gainers included Asian Paints, Bharti Airtel, Infosys, Bajaj Finance, and Hindustan Unilever. On the flip side, HDFC Bank, ICICI Bank, UltraTech Cement, Axis Bank, and Tata Steel were among the top losers.
Following the market open, the Nifty Midcap 100 index rose by 0.20%, while the Nifty Smallcap 100 declined by 0.25%. India VIX, the volatility indicator, decreased by 3.11%. Among sectoral indices, Nifty Auto, Nifty FMCG, Nifty IT, Nifty Pharma, Nifty PSU Bank, Nifty Healthcare Index, and Nifty Oil and Gas witnessed various levels of gains.
However, Nifty Financial Services 25/50, Nifty Media, Nifty Metal, Nifty Private Bank, Nifty Realty, and Nifty Consumer Durables were in the red zone. Vijayakumar advised investors to consider accumulating fairly-valued largecaps and growth-oriented midcaps during this consolidation phase for potential future gains.
It is important to note that the views and opinions expressed in this article are those of the experts and do not necessarily represent the India Today Group’s views. Investors are advised to seek professional financial advice before making any investment decisions.