Tuesday, 23 July 2024
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Stock MarketWorld

The Nifty Underperforms 18,700 on Profit Booking

On Friday, the benchmarks for Indian equities fell as investors took profits at all-time highs. The Sensex plunged as much as 365 points, while the Nifty 50 index dipped below the crucial psychological threshold of 18,700.

High valuations in domestic shares have been noted as a potential worry by analysts. The Nifty 50 index was down 88 points to 18,682 as of 9:32 am, while the Sensex was down 282 points at 62,956.

Profit Booking

In each of the previous two sessions, the benchmark Sensex reached new all-time highs. On Thursday, the Nifty 50 was just a few points away from reaching its all-time high when selling pressure reached nearly record levels.

The hawkishness of the world’s central banks also affected the mood of the Asian stock markets, which saw declines in the Nikkei of Japan by 1.75 percent, the KOSPI of South Korea by 0. 7 percent, and the Hang Seng of Hong Kong by 2 percent.

  • Indian equities benchmarks fall as investors profit at highs.
  • Sensex and Nifty 50 reach all-time highs amid record selling pressure.
  • India’s MPC members debate tightening, economic recovery impeded.

Investors were taken aback by the Bank of England’s larger-than-anticipated rate increase on Thursday. The Swiss National Bank and Norges Bank both increased their rates, citing concerns about inflation.

Some external members of India’s six-member monetary policy committee (MPC) have argued that additional tightening could impede economic recovery, and there is growing disagreement among the MPC members regarding rate increases.

The Nifty Metal, IT, FMCG, PSU Bank, Consumer Durables, and Auto indexes all experienced declines between 0.6 and 1.5% today, along with the other 14 sector gauges, including the Nifty Media index. With a drop of about 5% to Rs 2,281, Adani Enterprises is the biggest loser on the Nifty.

NTPC, Asian Paints, Bharti Airtel, Dr. Reddy’s Laboratories, HDFC Bank, Bajaj Auto, and Nestle India are a few other significant winners.

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