Market dips: Sensex and Nifty close lower with mixed performance
Jan 16, 2024
Mumbai (Maharashtra) [India], January 16 : On a day marked by fluctuations, the Indian stock market closes in red on Tuesday. The BSE Sensex, despite a turbulent session, showed resilience by finishing 199.16 points higher at 73,128.77.
Simultaneously, the NSE Nifty exhibited similar strength, concluding at 22,032.30, with a marginal gain of 65.15 points.
However, the market sentiment was mixed, as observed in the performance of individual stocks. Among the Nifty companies, there were 17 advances and 33 declines, emphasizing the diverse movements within the market.
BPCL, Tata Steel, Titan, ITC, and Maruti emerged as the top performers among Nifty companies, contributing significantly to the positive momentum whereas Divi's Lab, HCL Technology, NTPC, Wipro, and Infosys faced declines, reflecting the dynamic nature of the market.
Nifty Realty witnessed a substantial decline of 1.95 per cent, while Nifty IT and Nifty Pharma also experienced setbacks of 1.3 per cent and 1.14 per cent, respectively. On the positive side, Nifty Metal gained 1 per cent, showcasing the resilience of metal-related stocks.
The BSE MidCap and BSE SmallCap indices dropped by 0.31 per cent and 0.43 per cent, respectively. Nifty Bank, a key indicator for the banking sector, fell by 0.10 per cent to 48,107.75.
The dollar strengthened by 0.47 per cent to 103.13 against currencies, influencing Asian equities to follow a downward trend, mirroring European declines. Oil prices experienced a slight increase amid heightened tensions in the Middle East.
Silver prices rose on the back of optimism stemming from a U.S. Fed rate cut, coupled with the dollar's decline due to an unexpected U.S. producer price drop in December.
Gold advanced, supported by geopolitical tensions in the Middle East and expectations of an earlier Fed rate cut.
LIC (Life Insurance Corporation) reached a 20-month high, marking a remarkable 69 per cent surge from its March low and approaching its listing day lifetime high.
China is reportedly considering issuing Y=1 trillion (USD 139 billion) in new debt under a special sovereign bond plan, marking the fourth issuance in 26 years.
The day's market dynamics highlighted the intricate balance of factors influencing trading sentiments, with geopolitical events, currency movements, and global economic indicators contributing to the overall volatility.
