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Domestic markets give up momentum
The domestic markets relinquished their momentum as they anticipated a draft of policy rate decision due this week, said Vinod Nair, Head of Research at Geojit Financial Services.
New Delhi : The domestic markets relinquished their momentum as they anticipated a draft of policy rate decision due this week, said Vinod Nair, Head of Research at Geojit Financial Services. While the Nifty 50 fell 59.05 points to end at 20,133, the Sensex lost 241.79 points to end at 67,596.84, snapping a 11-day winning streak.
The investor's confidence was also impacted by the expectations of a demand resurgence in China, combined with crude supply cuts. With the Fed rate hike fears back on the cards, as reflected in the elevated US bond yields, the markets await clarification from major central banks, Nair said.
Aditya Gaggar, Director of Progressive Shares, said that Indian equities started the week on a tepid note and throughout the day, the index remained range-bound. Among the sectors, PSU banking was the top performer by ending the day with gains of 3.39 per cent. The auto and energy sectors also performed well and gained over 0.70 per cent; on the flip side, realty, media and metal were the laggards, he said.
Vaibhav Vidwani, Research Analyst at Bonanza Portfolio, said that Jupiter Life Line Hospitals shares made their market debut at a 32 per cent premium to the issue price. The stock's IPO price was Rs 735, and it closed at Rs 1,075. It was listed on the NSE and BSE at Rs 973 and Rs 960, respectively.
Titan Company, M&M, BPCL, HDFC Life and Power Grid Corporation were among the top gainers on Nifty, while Hindalco Industries, Jio Financial, HDFC Bank, Bharti Airtel and Adani Ports were among the top losers.
