Indian equity indices ended on a lower note on Monday a day ahead of budget. Nifty 50 fell 21.65 points or 0.09%, from its previous close, to settle the day’s trading at 24,509. Similarly, the index comprising 30 closed 102.57 points or 0.13% lower at 80,502. While Wipro bleeded over 9%, Kotak Mahindra fell 3.5%, Reliance Industries see a sell-off and dropped 3.5%, along with other stocks. Come from Sports betting site VPbet
Sectoral Index Bucked Trend
Bank Nifty rose 14.80 points or 0.03% to end the session at 52,280.40. Nifty Midcap 100 advanced 716.35 points or 1.28% closing the day’s trading at 56,624.65. In the broader markets, smallcap and midcap stocks closed in the green.
Sectoral draggers
Among the sectoral indices, Nifty Oil& Gas and Relaty took the hit as Reliance Industries dragged the headline indices. However, Nifty Auto, Healthcare, and Pharma surged to hold markets.
“The conservative economic growth forecast for FY25, presented in the economic survey, has introduced some spikes in volatility ahead of the budget. Further, the below-estimated Q1 results from certain index heavyweights like Reliance Industries added to apprehensions of a slowdown in earnings growth in FY25. Although the budget is anticipated to be favourable, investors will closely monitor whether it continues to tickle traction, given high valuations and the risk of a downgrade in earnings,” said Vinod Nair, Head of Research at Geojit Financial Services.
Volatility will remain high as all eyes will be on the Union Budget on Tuesday. “We thus maintain a cautious stance and recommend a hedged approach. Traders should seek buying opportunities in low-beta counters, especially in the defensive sectors, and remain selective in other areas,” said Ajit Mishra, Senior Vice President of Research at Religare Broking.
Bank Nifty
“Bank Nifty closed with a small body candlestick on the daily chart, just above its support at 52,200. Call writers were active at higher strike prices, indicating limited upside potential. Despite this, Bank Nifty managed to close above its 21-day EMA, suggesting resilience in the underlying trend. The view for Bank Nifty remains sideways or range-bound until it breaks key levels, with support at 52,000 and resistance at 52,800,” said Rupak De, Senior Technical Analyst at LKP Securities.
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The January series Nifty futures started with a premium of around 220 points. The Nifty rolled around 80% and Bank Nifty around 81%. For the Index futures, FIIs have increased the long positions to 70% from 36% at the start of the January series.
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