2024-07-25 07:28:55
New Delhi: The markets closed with a decline on Monday, a day before the presentation of the general budget. Heavy selling pressure in the shares of Reliance Industries and Kotak Mahindra Bank had an impact on the business sentiment. The weak trend in international markets also had an impact. The 30-share BSE Sensex closed at 80,502.08 points, down 102.57 points or 0.13 per cent. During trading, at one point it fell by 504 points to 80,100.65 points. The National Stock Exchange (NSE) Nifty closed at 24,509.25 points, down 21.65 points or 0.09 per cent. During trading, at one point it plunged 168.6 points to 24,362.30 points. The stock of the country’s most valuable company Reliance Industries fell by more than three per cent. Reliance has reported a five per cent decline in net profit for the June quarter. Similarly, private sector Kotak Mahindra Bank also fell by more than three percent. Its June quarter results failed to please investors. Apart from these, shares of ITC, State Bank of India, HCL Technologies and IndusInd Bank also saw a major decline. On the other hand, shares of NTPC, UltraTech Cement, HDFC Bank and Mahindra & Mahindra remained in profit. HDFC Bank’s share rose by two percent due to a 33.17 percent increase in consolidated net profit in the June quarter.
These stocks are showing growth
Momentum indicator Moving Average Convergence Divergence (MACD) has shown a bullish trend on Emami, Orchid Pharma, Bharti Hexacom, Steel Strips Wheels and Global Offshore Services. MACD is known to indicate trend reversal in traded securities or indices. When MACD crosses the signal line, it gives a bullish signal. It indicates that upward movement can be seen in the stock price. Similarly, it also indicates a bearish divergence.
Signs of recession in these stocks
MACD has given a bearish signal in OFSS, Abbott India, Blue Dart Express, Persistent Systems and Sky Gold. This means that now these stocks have started falling.
Buying seen in these shares
Stocks which are witnessing strong buying include Sumitomo Chemical India, Alembic Pharma, Welspun India, Bajaj Holdings, Dr Lal Pathlabs, Deepak Nitrite and Mphasis. These stocks have crossed their 52-week high. This indicates a bullish trend in these stocks.
(Disclaimer: The suggestions given in this analysis are those of individual analysts or broking companies, not of NBT. We advise investors to consult certified experts before taking any investment decision. As stock market conditions can change rapidly.)