Stock Market Today: Sensex, Nifty Start 2024 On A Tepid Note

Overseas investors began the year as net sellers of Indian equities on Monday.

Foreign portfolio investors offloaded stocks worth Rs 855.8 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors remained net buyers and bought equities worth Rs 410.46 crore, the NSE data showed.

India received the highest-ever foreign portfolio inflows in 2023 and surpassed emerging market peers, amid global volatility and valuation concerns.

The yield on the 10-year bond closed 3 bps higher at 7.20% on Monday.

Source: Bloomberg

Benchmark indices came of their life highs and ended the first day of the year with little change from Friday's close as financial services stocks dragged while IT stocks kept them from falling.

The S&P BSE Sensex settled 0.04% or 31.68 points higher at 72,271.94, while the NSE Nifty 50 ended 0.05% or 10.50 higher at 21,741.90

Intraday, the NSE Nifty 50 rose 0.47% or 102.95 points to 21, 834.35, and the S&P BSE Sensex rose 0.45% or 321.65 points to 72,561.91.

"The markets started the new year on a tepid note but PSU Banks and IT stocks took the lead and supported the Index to recoup its losses. In the last session, FMCG and Metal counters propelled the rally; however, due to a steep profit booking fall in the last session, the Index erased its gains to end the first trading session of the new year at 21,741.90 with a marginal gain of 10.50 points," Aditya Gaggar, director of progressive shares said

"Mid and Smallcaps extended their morning gains and outperformed the Frontline Index. On the daily chart, the Index has formed a Gravestone DOJI candlestick pattern which indicates the rejection at the higher end. The possibility of a bearish divergence still persists and if the same is confirmed, then we can see a correction to 21,500; on the flip, a convincing close above 21,800 will be considered as a failure of divergence," he added.

HDFC Bank Ltd, Bharti Airtel Ltd, Mahindra & Mahindra Ltd, Eicher Motors Ltd, and Axis Bank Ltd weighed on the indices.

ITC Ltd, Infosys Ltd, Nestle India Ltd, Adani Enterprises Ltd, and ICICI Bank Ltd added positively to the indices.

On NSE, nine sectoral indices advanced out of 12, while three declined. Nifty Media and Nifty Oil & Gas sector rose the most, while Nifty Financial Services emerged as the top loser among sectors.

Broader markets outperformed, with S&P BSE MidCap index rising 0.54%, and S&P BSE SmallCap gaining 0.73%. Around 17 sectors, out of 20 compiled by the BSE, advanced, and three declined. BSE Energy and BSE Telecommunication gained the most among sectoral indices.

The market breadth was skewed in the favour of buyers. About 2,524 stocks rose, 1,371 declined, while 152 remained unchanged on the BSE.

• 11 lakh shares changed hands in a large trade

• 0.02% equity changed hands at Rs 106.05 apiece

• Buyers and sellers not known immediately

Source: Bloomberg