New Delhi: Local stock markets closed with a decline on Monday. Major indices Sensex and Nifty could not maintain the initial rise. The market was in loss due to sharp fall in Kotak Mahindra Bank amid withdrawal of foreign institutional investors. The 30-share BSE Sensex closed at 81,151.27, down 73.48 points or 0.09 per cent. It had risen 545 points in early trade. But, later it came down under selling pressure and at one point dived to 80,811.23 points. The index fluctuated by 958.79 points between high and low. National Stock Exchange’s Nifty also closed at 24,781.10 points with a fall of 72.95 points or 0.29 per cent. Among the 30 Sensex companies, Kotak Mahindra Bank had fallen by more than four per cent. Apart from this, shares of Bajaj Finserv, IndusInd Bank, Adani Ports, UltraTech Cement, Bajaj Finance, Tata Consultancy Services, Infosys, Bharti Airtel, Hindustan Unilever and JSW Steel also closed in loss. On the other hand, HDFC Bank was up nearly three percent. Other gainers included Asian Paints, Mahindra & Mahindra, Reliance Industries, Maruti and Tech Mahindra.
There is a rise in these shares
Momentum indicator Moving Average Convergence Divergence (MACD) has shown bullish trend on Olectra Greentech, Tata Chemicals, Heritage Foods, Aster DM Healthcare and HDFC Bank.
MACD is known for indicating trend reversals in traded securities or indexes. When the MACD crosses the signal line, it gives a bullish signal. This indicates that the share price may see upward movement. Similarly, it also indicates recession.
Signs of recession in these stocks
MACD has indicated bearishness in the shares of Apar Industries, Shakti Pumps, Persistent Systems, OFSS, Prataap Snacks, Whirlpool of India and Symphony. This means that now these shares have started falling.
Buying is visible in these shares
The stocks which are seeing strong buying include Amber Enterprises, Suven Pharma, Netweb Technologies, MCX, Tech Mahindra, Dixon Technologies and Aditya Birla Real Estate. These shares have crossed their 52 week high level. This indicates bullishness in these shares.
Selling pressure is visible in these shares
The stocks which are witnessing selling pressure include Ujjivan Small Finance Bank, RBL Bank, IndusInd Bank, J&K Bank, IDFC First Bank, Equitas Small Finance Bank and CreditAccess Grameen. These shares have crossed their 52-week low. This indicates softness in these shares.
(Disclaimer: The recommendations given in this analysis are those of individual analysts or broking companies, and not of NBT. We advise investors to consult certified experts before taking any investment decision as stock market conditions change rapidly. Can.)