Sensex hits 77k for first time, ends lower on profit-booking

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MUMBAI: The sensex scaled the 77k mark for the first time in early trades on Monday, however profit-taking at larger ranges led to it settling with a lack of 203 factors at 76,490. On the NSE, Nifty too recorded a brand new excessive at 23,412 factors and closed at 23,259, down 31 factors.
The day’s session noticed some spike in volatility because the sensex scaled a brand new life-high after which got here down, swinging 700 factors.According to Prashanth Tapse of Mehta Equities, volatility returned to markets because the sensex slipped from its new excessive and fell sharply in direction of the shut amid profit-taking in IT, metals and oil & gasoline shares. “Lacklustre sentiment also prevailed due to weak global cues after recent data from the US indicated that rate cut may not happen soon,” he stated.
On the sectoral entrance, IT shares have been a drag in Monday’s market, with the sector’s index closing with a lack of 1.8%, adopted by metals, Siddhartha Khemka of Motilal Oswal Financial Services, stated. “Fertiliser stocks saw buying interest after the PM released the latest instalment of the Kisan Samman Nidhi. Cement stocks gained on expectations of a govt push to the housing sector and lowering of GST on cement.”

Going ahead, the Budget goes to be one of the watched occasions for the market. “With the Budget around the corner, stock and sector-specific action could be seen going ahead on hopes of tax sops or duty cuts,” stated Tapse of Mehta Equities.
On the worldwide entrance, investor sentiment final week was dented after knowledge confirmed a robust non-farm payroll progress within the US which led to diminishing hopes of a fee minimize by the US Fed within the second half of the yr, Khemka of Motilal Oswal Financial Services stated. “Investors are actually awaiting US Federal Reserve and Bank of Japan coverage end result this week together with US and India CPI knowledge.
The day’s session noticed international funds turning web consumers at Rs 2,572 crore together with home funds, who had a web influx determine of Rs 2,764 crore, end-of-the-session knowledge on BSE confirmed. The day’s session left buyers marginally wealthier by Rs 1.8 lakh crore, with BSE’s market capitalisation now at Rs 431.4 lakh crore.


Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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