2024-08-13 16:24:49
New Delhi: The local stock markets had a slight decline on Monday in volatile trading. The market had initially fallen sharply due to the report of American research and investment company Hindenburg Research against SEBI chief Madhabi Puri Buch and her husband regarding undeclared investment in foreign funds. But, later the market was able to recover from the loss to a great extent due to the gains in private banks. The 30-share Sensex had a sharp decline initially. However, later it closed at 79,648.92 points with a slight decline of 56.99 points i.e. 0.07 percent. 18 companies of Sensex were in loss while 12 were in profit. The Nifty of National Stock Exchange (NSE) also closed at 24,347 points with a decline of 20.50 points i.e. 0.08 percent. During the trading session, it touched a low of 24,212.10 points and a high of 24,472.80 points. Among the 30 Sensex companies, Adani Ports, NTPC, Power Grid, State Bank of India, Nestle, Mahindra & Mahindra, Reliance Industries and Tata Consultancy Services suffered the most losses. On the other hand, Axis Bank, JSW Steel, Tata Motors, HDFC Bank and Kotak Mahindra Bank were among the gainers.
These stocks are showing growth
Momentum indicator Moving Average Convergence Divergence (MACD) has shown a bullish trend on Gillette India, Trent, AIA Engineering, Orchid Pharma, Bharat Rasayan, Affle India and Pitti Engineering. 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 for Divi’s Laboratories, Suven Pharma, Adani Energy Solutions, Sapphire Foods and Mastel. This means that these stocks have started to fall now.
Buying seen in these shares
Stocks which are witnessing strong buying include Inox Wind, Voltas, Glenmark Life, Jubilant FoodWorks, HFCL, Welspun Corp and Bikaji Foods International. These stocks have crossed their 52-week high. This indicates a bullish trend in these stocks.
Selling pressure in these stocks
Stocks which are witnessing selling pressure include Equitas Small Finance Bank. This stock has crossed its 52-week low. This indicates selling in this stock.
(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.)