Quote on Market Wrap Up by Mr. Ajit Mishra - SVP, Research, Religare Broking Ltd
Below the Quote on Market Wrap Up by Mr. Ajit Mishra - SVP, Research, Religare Broking Ltd
Markets traded under pressure and ended marginally lower amid mixed signals. After a flat start, weakness in banking counters weighed on sentiment, with other sectors joining the decline as the session progressed. As a result, the Nifty closed at 24,379.60, down 0.33%. Most sectors, except auto, witnessed losses, with PSU banks, realty, and energy leading the decline. The broader markets also felt the impact, falling over 2%.
Elevated levels in the volatility index (India VIX), coupled with ongoing geopolitical tensions, continue to dampen investor sentiment. In addition to geopolitical concerns, global cues will also remain in focus, especially with all eyes on the US Fed’s interest rate decision due on Wednesday. On the benchmark front, the Nifty may continue to consolidate with a positive bias unless there is a decisive close below the 23,800 level. Meanwhile, we recommend a stock-specific trading approach with a strong emphasis on managing overnight risk.
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