Sensex up 68 pts; Nifty slips below 24,600 as new Closing Auction Session Framework takes effect
Mumbai (Maharashtra) [India], August 4 (ANI): The Indian benchmark indices opened on a muted on Tuesday with Sensex and Nifty opening with a gap-down, erasing gains from Monday's bull run. Sensex opened at 79,132.97 as against previous close of 78,639.03 while Nifty opened at 24,703.90 as against 24,774.30 following the introduction of a new Closing Auction Session (CAS) framework.
CAS, which was implemented on Monday, pools all buy and sell orders at the end of the trading day and identifies a single price at which the maximum number of shares can be traded. This price is then set as the stock's closing price.
Sensex was trading at around 78,707.73, up 68.70 points or 0.09 per cent while Nifty was trading at around 24,594.60, down 179.70 points or 0.73 per cent at the time of reporting. Correction was seen in all broad market indices; sectorally, most indices traded in the red with Nifty Relty, IT and Cement emerging as top laggards, declining over a per cent during the early morning trade.
On BSE, Asian Paint, Tata Steel, Trent, Kotak Bank, Bajaj Finance, Adani Ports, HCL Tech, Power Grid, BEL, M&M, LT among others were the top gainers. Hindustan Unilever, TCS, Tech Mahindra, Reliance, NTPC, among others were the top drags.
Likewise, on NSE, Adani Ports, Trent, Hindalco, IndiGo, Tata Steel, among others, were the top gainers while ITC, Sun Pharma, BEL, Tech Mahindra, among others, were the top drags.
In the commodity market, Brent crude was trading at around USD 84.82 per barrel while crude oil was trading at around USD 81.04 per barrel at the time of reporting. At the same time, gold was trading at around USD 4,054.94.
As per market analyst Vipin Dixena, "Today's market is reflecting a cautious undertone despite supportive domestic factors. Investors appear to be taking a wait-and-watch approach as they assess the ongoing Q1 earnings season and key macro developments.
"While the broader trend remains positive, I don't expect a broad-based rally until the market gets a fresh trigger. I believe stock-specific opportunities will continue to outperform, with earnings playing a decisive role in determining near-term price action," he said.
Rajesh Palviya, Head of Research, Axis Direct, noted, "From a technical perspective, the market structure continues to remain positive as long as the Nifty holds above the 24,500 support zone. Immediate resistance is placed near 24,900, and a decisive close above this level could pave the way towards 25,150. After four successive sessions of strong gains, some consolidation or profit booking at higher levels would be healthy, though the broader trend remains constructive. Investors should continue to monitor crude oil prices and geopolitical developments in the Middle East, which remain the key external risks for global and domestic markets." (ANI)
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