Stock Market ends in red
Aug 24, 2023
Mumbai (Maharashtra), August 24 : The stock market, which opened on a positive note on Thursday, experienced a reversal of fortune as the trading day progressed.
Both the Sensex and Nifty indices ended the day in the red, reflecting a day of mixed sentiments among investors.
At the close of the trading session, the Sensex recorded a decline of 180.96 points, settling at 65,252.34.
Meanwhile, the Nifty index also registered a downturn, closing 57.30 points lower at 19,386.70. This fluctuation in market indices reflects the nature of trading activities.
In the Nifty segment, the market saw 16 companies advancing, while 35 companies faced declines as the closing bell rang. This diversity in stock performance indicates the varying fortunes of different sectors and industries.
Among the top gainers in the Nifty index, prominent names include BPCL, Asian Paints, IndusInd Bank, Infosys, and Britannia. These companies managed to buck the overall trend, securing positive gains amidst the market's volatility.
On the flip side, the list of top losers featured Jio Financial Services, Reliance, Divi’s Lab, Power Grid, and ONGC. These companies faced setbacks during the trading day, contributing to the overall negative sentiment in the market.
Varun Aggarwal, founder and Managinf Director of Profit Idea, said, “Market witnessed selling today after gap up opening in second half. Reliance Industries dragged the index lower contributing maximum fall. Banks also witnessed profit booking”.
“Weekly F&O expiry triggered profit booking and sectoral shifts. Market bias inspite of fall looks good as long as OI data is protecting heavy put writing on lower levels. Recent lows of 19253 on Nifty remains important.The focus remains on quality blue chip stocks of Pharma, FMCG, IT, and selected mid and small-cap stocks”, said Aggarwal
The stock market's performance on any given day can be influenced by a myriad of factors, including economic indicators, corporate earnings reports, global events, and investor sentiment.
As such, the stock market's daily fluctuations serve as a reflection of the dynamic and ever-changing landscape of the financial world.
Investors and market participants will continue to closely monitor developments, both within the country and globally, as they seek to make informed investment decisions in this fluid environment.
