2024-07-11 13:20:50
New Delhi: Wednesday’s trading session was a loss for the Indian stock market. All the main indices of the market closed in red. The reason for the fall in the market is believed to be profit booking at higher levels. Sensex fell 426 points or 0.53 percent to 79,924 and Nifty fell 108 points or 0.45 percent to 24,324. The biggest impact of the fall in the market was seen on banking stocks. Nifty Bank closed at 52,189, down 379 points or 0.72 percent. Midcap and smallcap stocks fell less than largecaps.
The Nifty Midcap 100 index fell 156 points, or 0.27 per cent, to close at 56,921, and the Nifty Smallcap 100 index fell 167 points, or 0.88 per cent, to 18,789. In the Sensex pack, Asian Paints, Power Grid, NTPC, Bharti Airtel and Sun Pharma are the top gainers. M&M, Tata Steel, TCS, HCL Tech, SBI and Wipro are the top losers. Sectorally, auto, IT, PSU banks, fin services, metals, media and private banks closed in the red, while pharma and FMCG closed in the green.
Sensex and Nifty at all-time high, Reliance shares fell after rising for three days
what the experts say
Kunal Shah, Senior Technical and Derivative Analyst at LKP Securities, says that Bank Nifty witnessed selling from the upper levels and it failed to break the resistance level of 52,500. The index has a strong level of 52,000 to 51,800. If the level of 52,500 is broken, then the figure of 53,000 can be seen. If Bank Nifty goes below 51,800, then it can touch the figure of 51,300 and 51,000.