Stock market experiences fluctuations before closing flat
Sep 25, 2023
Mumbai (Maharashtra) [India], September 25 : The stock market saw a day of ups and downs before finally closing flat on Monday. Investors witnessed a series of fluctuations that kept them on their toes throughout the trading day.
The day began with a mild dip in the stock market after a relatively flat opening. However, the market managed to recover from its early losses as the trading session progressed.
The Sensex gained 13.46 points, closing at 66,022.61, while the NSE Nifty experienced a slight uptick of 1.30 points, closing at 19,675.55. These marginal gains were indicative of the market's resilience amid uncertainties.
When the final bell rang, the market statistics showed that 24 stocks advanced, 25 declined, and 1 remained unchanged, reflecting the mixed sentiment among investors.
Among the Nifty companies, some of the top gainers included Bajaj Finance, Tata Consumer Products, Apollo Hospitals, Bajaj Finserv, and Kotak Bank. On the other hand, Hindalco, SBI Life, Hero Motocorp, Infosys, and Dr. Reddy were among the top losers when the market closed.
Varun Aggarwal, the founder and Managing Director of Profit Idea, commented on the day's market performance.
He said, "On expected lines, Nifty consolidated today. Market saw up and down moves and finally closed flat."
Aggarwal also noted, "Market is trying to stabilize in the support zone of 19,500-19,700. We expect this consolidation to continue, and the bias to remains positive. The yield curve suggests a downward trajectory, indicating that Nifty can bounce from current levels."
Aggarwal further analyzed, "Open Interest (OI) data shows good put writing at 19,500 and call writing at 20,000. This suggests that consolidation might continue for some more time, but the outlook remains positive."
He advised investors, saying, "Large-cap stocks like Reliance, INFY, HDFC Bank continue to look attractive at current levels. Many small and mid-cap stocks are giving excellent opportunities to investors to accumulate on dips during this consolidation. The mid and small-cap Nifty ratio is positive, with plenty of room for more upside once this consolidation phase is over."
The stock market's resilience and the positive outlook provided by experts like Aggarwal continue to be key factors driving investor confidence amidst market fluctuations.
