Stock market today: Sensex falls over 225 points; Nifty slips below 24,200 in afternoon trade
AI Summary
Indian equity indices experienced a decline on Monday, with the BSE Sensex dropping 225.62 points (0.29%) and the NSE Nifty50 falling 49.80 points (0.21%) due to cautious investor sentiment and selling in heavyweight stocks. However, early Tuesday trading showed slight recovery with the Sensex at 77,697.75 and Nifty at 24,255.50, as most sectoral indices turned positive, led by gains in Nifty Cement. HDFC Bank's disappointing earnings report significantly impacted market performance, causing a notable sell-off in its shares.
Indian benchmark equity indices traded lower in afternoon trade on Monday, with the BSE Sensex falling 225.62 points (0.29%) to 77,482.90, while the NSE Nifty50 slipped 49.80 points (0.21%) to 24,188.70. The weakness came amid cautious investor sentiment and selling in select heavyweight stocks, keeping the broader market under pressure.
Indian benchmark indices opened on a flat note on Tuesday, with both the Sensex and Nifty starting the session with a gap-down, even as global crude oil prices eased slightly amid reports of mediation efforts between the United States and Iran.
At the time of reporting, Sensex was trading at 77,697.75, down 10.77 points or 0.01 per cent, while the Nifty was at 24,255.50, up 17 points or 0.07 per cent.
The Sensex opened at 77,649.63 against its previous close of 77,708.52. Similarly, the Nifty opened at 24,216.05 compared to its previous close of 24,238.50.
Most sectoral indices traded in the green during early trade, with Nifty Cement emerging as the top gainer, rising 1.10 per cent. Broad market indices also traded higher.
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Bank of India Ltd: Buy in the range of Rs 146–147; Stop Loss at Rs 141.30; Target: Rs 154
On the weekly time frame, the stock is forming a higher top and higher bottom pattern and is trading above the 20 & 40 WEMA, indicating a positive trend. The stock is also witnessing steady accumulation near the support zone. On the daily chart, the stock is forming an Inverted Head and Shoulders pattern while taking support from the 200 DEMA. Momentum indicators are showing a positive crossover, indicating bullish momentum. Key resistance is placed at 150, while support lies at 142.50.
Asian stocks traded higher on Tuesday after hopes of renewed diplomatic efforts in the Middle East pushed crude oil prices lower from their recent one-month highs, improving overall market sentiment.
Investors also shifted focus to a busy corporate earnings calendar, which is expected to test the resilience of AI-driven stocks after recent volatility.
Brent crude futures slipped 0.38% to $88.88 a barrel in early trade after touching a one-month high of $91.42 in the previous session.
HDFC Bank shares slumped more than 5% on Monday after its June-quarter earnings failed to impress investors, making the stock the biggest drag on benchmark indices.
The stock fell 5.14% to Rs 777.50 on the BSE and declined by a similar margin on the NSE. The sell-off came despite the bank reporting a 5% year-on-year rise in standalone net profit to Rs 19,060 crore for the April-June quarter.
The weakness in HDFC Bank weighed heavily on the broader market, with the Sensex and Nifty trading sharply lower during the session.
Original Article
Published on Times of India