2024-10-08 14:05:00
New Delhi: Local stock markets were in decline for the sixth consecutive trading session on Monday. BSE Sensex fell further by 638 points. At the same time, NSE Nifty was at a loss of 219 points. The market came down due to selling in shares of big companies like HDFC Bank and Reliance Industries amid mixed trend in global markets and withdrawal of foreign institutional investors. The 30-share BSE Sensex closed at 81,050 points, down 638.45 points or 0.78 percent. At one time during trading it had fallen to 962.39 points. Similarly, Nifty of National Stock Exchange also closed at 24,795.75 points with a fall of 218.85 points or 0.87 percent. Companies included in Sensex include Adani Ports and Special Economic Zone, NTPC, State Bank of India, Power Grid, IndusInd Bank, Axis Bank, HDFC Bank, Titan and UltraTech Cement were the major losers. On the other hand, the gainers included Mahindra & Mahindra, ITC, Bharti Airtel, Infosys, Bajaj Finance, Tata Consultancy Services and Tech Mahindra.
There is a rise in these shares
Momentum indicator Moving Average Convergence Divergence (MACD) has shown a bullish trend on Strides Pharma, VIP Industries, RBM Infracon and Sundram Fasteners.
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 MRF, Solar Industries, Linde India, VST Tillers Tractors, Bombay Burmah Trading, Newgen Software Technologies and Sansera Engineering. This means that now these shares have started falling.
Buying is visible in these shares
Stocks that are seeing strong buying include AstraZeneca Pharma, eClerx Services, Coforge, BASF India, Vijaya Diagnostic, Dr Lal PathLabs and Whirlpool India. These shares have crossed their 52 week high level. This indicates bullishness in these shares.
Selling is visible in these shares
The stocks which are seeing selling pressure include Zee Entertainment, Gujarat Ambuja, Easy Trip Planners, RBL Bank, CreditAccess Grameen, and IDFC First Bank. This stock has crossed its 52-week low. This indicates a decline in this stock.
(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.)