Quote on Market by Mr. Vikram Kasat, Head - Advisory, PL Capital
Below the Quote on Market by Mr. Vikram Kasat, Head - Advisory, PL Capital
“Indian equities ended lower on Monday, extending their range-bound movement for the second consecutive session. The Sensex declined by 271 points to close at 82,059, while the Nifty slipped 74 points to settle at 24,945. Despite the weakness in the headline indices, broader market sentiment remained resilient. On the BSE, 2,524 stocks advanced compared to 1,571 declines, with 178 remaining unchanged. The Nifty Midcap 100 edged up 0.08% and the Nifty Smallcap 100 rose 0.51%, indicating continued investor interest in the wider market space.
Technology stocks were once again the biggest drag, weighing on the benchmarks, which stayed within a tight consolidation range after touching a seven-month high on May 15. Meanwhile, the Indian rupee gained against the US dollar as the greenback weakened globally. In the short term, the USDINR spot rate is expected to find support at 85.25 and face resistance around 85.87. Investors now await stronger cues for a decisive market move.”
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