Profit booking in banks & financials stocks drag Nifty lower
Profit booking in banks and financial stocks drag Nifty lower: Indian stock markets opened slightly higher on Tuesday morning amid positive global cues. The Nifty today opened at 18060.70 levels, up by 7.3 points while Sensex made a positive opening of 174.33 points at 60786.07 levels. The markets immediately turned red after opening higher and traded volatile in a narrow range, in the end, profit booking in the Financial and Banking stocks closed markets in the red today.
Stock Market News Today
The market sentiments remained cautious as the Ministry of Commerce and Industry in its latest data has stated that the country’s trade deficit rose by 87.5 percent to 192.41 billion in 2021-22 as against $102.63 billion in the last year. Traders also took note of Finance Minister Nirmala Sitharamn’s statement that Foreign Direct Investment (FDI) staying in the country and creating jobs and prospects, and not the outflow of Foreign Institute Investors (FIIs) and Foreign Portfolio Investors (FPIs), should be assessed to measure the robustness of the Indian economy.
On the global front, the other Asian market indexes were mostly closed in the green today. Asian markets Shangai, Taiwan, and Hang Seng were closed today due to holidays. The other Asian indexes were traded in the green despite the jump in the crude prices on supply concerns. Investors awaited the release of US Federal Reserves minutes for the last meeting, for cues to inflation and rate outlook.
European markets are trading almost flat slightly on the lower side as oil prices are trading higher and Western countries mulls more sanctions on Russia.
Sensex, Nifty indexes at the close today
At the close, the Nifty index declined 96 points or 0.53 percent and closed at 17957.40 levels while Sensex was down by 435.24 points or 0.72 percent and finished at 60176.50 levels. The Bank Nifty index ended lower on profit booking today after a solid gain in the previous session, it fell by 567.30 points or 1.47 percent on spot and ended at 38067.90 levels.
The broader markets outperformed the ket indices today. The Nifty midcap index was up by 421.50 points or 1.38 percent and closed at 31046.70 levels. The Nifty smallcap index closed higher by 91.80 points or 0.85 percent and finished at 10875.35 levels.
Top Nifty gainers and losers
The top gainers in the Nifty 50 index were Adani Ports, NTPC, Tata Motors, Power Grid, and Tata Consumer whereas the top losers were HDFC Bank, Bajaj Finserve, HDFC, Kotak Mahindra, and Reliance
The top gainers in the Nifty midcap index were Tata Power, Po;y Vab, and Dhani Services and the top losers were Federal Bank, Godrej Agrovet, and Tata Elxsi.
The smallcap top gainers were Dilip Buildcon, IOL Chemicals, and Aarti Drugs and the top losers were Linde India, Sterlite Techno, and Delta Corp.
The most active stocks in the Nifty index in terms of value were HDFC Bank, Adani Ports, and HDFC The most active stocks in terms of volume were Tata Motors, ITC, and NTPC
On a sectoral front, The Consumer Durables, Auto, FMCG, Oil & Gas, and Metals were closed higher today. The sectors that closed in the red were Financial Services, Banking, Realty, and Media.
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Editorial desk
