Market Closes in Red: Sensex and Nifty Decline Amid Range-Bound Trading

The stock market ended Monday with losses as Sensex fell by 384.55 points to 81,748.57, and Nifty lost 100.05 points, closing at 24,668.25. Despite bearish trends, analysts maintain a positive short-term outlook, predicting potential upward movement past 25,000 for Nifty.

The stock market concluded trading on Monday in negative territory, with both the BSE Sensex and NSE Nifty recording losses amidst range-bound activity. Specifically, the Sensex dropped by 384.55 points to settle at 81,748.57, while the Nifty declined by 100.05 points, closing at 24,668.25.

Throughout the Nifty index, nine companies saw gains, highlighting a generally bearish sentiment as 40 stocks fell. Dr. Reddy's Laboratories, IndusInd Bank, HDFC Life, Power Grid Corporation, and Bajaj Finance were among the limited gainers, whereas Titan, Hindalco, Adani Ports, TCS, and Tech Mahindra were the major losers, contributing to the downward pull on the indices.

Rupak De, Senior Technical Analyst at LKP Securities, remarked on the session's dynamics, noting that Nifty traded within the narrow range of 24,600 to 24,800. He expressed a cautiously optimistic short-term outlook for Nifty, contingent on sustaining above key moving averages, potentially moving towards 25,000 and beyond. Meanwhile, 24,500 remains a critical support level. Despite the day's losses, underlying positive sentiment supports resilience in the market in the near term, though investors are advised to remain vigilant with external factors, such as the upcoming US Federal Reserve meeting.

(With inputs from agencies.)