Market Analysis: Nifty Closes Below 24,000, Sensex Declines by 126 Points
Description: The Indian markets faced volatility and ended lower with the Sensex and Nifty closing in the negative territory. Read on to understand the market trends and outlook for the next session.
- Indian markets failed to sustain morning gains and closed lower for the third consecutive session.
- The Sensex was down 125.84 points at 78,633.56, and the Nifty closed at 23,992.55, down by 63.05 points.
- Key losers included HDFC Life, SBI Life Insurance, Shriram Finance, BPCL, and SBI, while gainers were Britannia Industries, JSW Steel, HUL, L&T, and Tech Mahindra.
- Sectors like auto, bank, and oil & gas declined, while IT, metal, and realty sectors showed slight gains.
- BSE midcap and smallcap indices each dropped by 0.5 percent.
Outlook for August 7:
Aditya Gaggar, Director of Progressive Shares, noted a mixed trend during the trading session. Real estate and IT sectors gained, but PSU Banks and Auto sectors faced corrections. Midcap and smallcap segments underperformed compared to the main Index.
The near-term outlook for Nifty50 is bearish unless it breaches 24,400 convincingly. Immediate support is seen at 23,880.
Conclusion:
The Indian stock market exhibited a mixed performance with sectors showing varied movements. Investors should remain cautious and monitor key levels for future trading decisions.
Tags:Indian markets, Sensex, Nifty, market trends, stock analysis