Market Stays Steady: Stocks Pause After Four-Day Rally
The stock market opened flat on Wednesday with the Nifty rising and the BSE Sensex falling. Sectoral stocks showed mixed trends, while experts expressed optimism. Global markets displayed varied performances, and analysts are keenly watching for upcoming economic signals.
![Market Stays Steady: Stocks Pause After Four-Day Rally](https://devdiscourse.blob.core.windows.net/devnews/21_08_2024_13_00_54_9145392.jpg)
- Country:
- India
The stock market on Wednesday opened flat, as investors took a pause after a four-session rally in the market. The Nifty at the National Stock Exchange (NSE) opened at 24,680.50, up 18.30 points and the BSE Sensex opened at 80667.30, down by 135.61 points. Analysts note the Indian stock market is keenly watching global trends this week.
Sectoral stocks on the NSE showed mixed performance. Auto, FMCG, Media, Metal, Pharma, Healthcare, Consumer Durables, Oil, and Gas opened in green territory, whereas Reality, Private Banks, PSU Banks, IT, and Financial sectors opened in red.
Initial hours saw Divi's Laboratories, Dr. Reddy's Laboratories, SBI Life, Nestle India, and Hindalco among the top gainers at NSE, while UltraTech Cement, ICICI Bank, Kotak Mahindra Bank, IndusInd Bank, and Tata Steel were among the top losers. Market expert Ajay Bagga noted strong domestic liquidity inflows and falling inflation lend support to the market. Traders are intently awaiting the FOMC meeting minutes and Fed Chair Powell's speech for further monetary signals.
Shrikant Chauhan, Head of Equity Research at Kotak Securities, expressed optimism about the market's positive momentum. He observed buying interest in banking and financial stocks, although there was some profit booking in FMCG and media stocks. Chauhan recommended day traders buy on dips, considering the market structure appears bullish from a technical perspective.
Globally, U.S. stocks closed slightly lower on Tuesday, with the Nasdaq Composite down 0.33%, the S&P 500 down 0.20%, and the Dow Jones down 0.15%. Asian markets displayed mixed results, with Japan's Nikkei 225 down 0.77%, South Korea's KOSPI down 0.17%, and China's Shanghai Composite rising 0.14%. WTI crude fell to USD 73.09, down 0.78%, and Brent crude declined to USD 77.11, down 0.71%. On August 20, 2024, foreign institutional investors sold shares worth Rs 1,457.96 crore, while domestic institutional investors bought shares worth Rs 2,252.10 crore.
(With inputs from agencies.)