BSE Sensex 452.4 points, or 0.54%fell, while closed at 83,606, while NSE Nifty -50 120.7 points to end at 25,517, or 0.47%. Both indices had increased by 2.7% in the last four sessions and posted a profit of 3.1% and 2.7% respectively in June, marking their fourth straight month advances.
Weighed over profit-booking and weakness spirit in select areas, even though the markets ralled rapidly behind strong global signals and domestic institutional procurement last week.
Mehta Equality, Senior VP (Research), Senior VP (Research), Prashant Tape said, “Last week, the markets rapidly operated with strong global signals and purchased from domestic institutions, but profit-book emerged, drawing benchmark indices down.”
The broad market was better performed better, with the Nifty Midcap 150 0.6% and the Nifty Smallcap is growing by 250 0.8%. On BSE, out of 4,290 shares, in trading, 2,362 increased while 1,750 declined.
India Vicks, which estimates instability, climbed 3.20%, at 12.79. The Nifty Auto Index slipped 0.5%, while the Nifty Financial Services fell 0.3%. Meanwhile, Nifty PSU Bank, Consumer Durables and Pharma were the top beneficiaries.
Within shares, the top beneficiaries on the Nifty included Trent, Bell, SBI, IndusInd Bank and Jio Financial Services. Tata was among the Consumer Products and Kotak Mahindra Bank chief Lagards.
Tapse said that business talks with the US would be an important focus in the near period. “Tariff settlement will be focused with the US government, as the deadline is coming and India has not yet concluded the agreement, which can create uncertainty among investors.”
Srikanth Chauhan, head of equity research in Kotak Securities, believes that 25,470/83,500 will serve as a major level to view. Below from 25,470/83,500, the market can see another improvement towards 25,375-25,300/83,200-83,000.
“On the other hand, a continuous speed above 25,470/83,500 can increase the market up to 25,600/83,900. Next can continue the opposite, potentially lifting the market up to 25,700/84,200.”
Foreign portfolio investor (FPIS) NET on Monday sold shares worth .5 831.5 crore, BSE data showed. However, for the entire month of June, his total investment, increased to 7,489 crores. Domestic institutional investors (DII) on Monday bought shares of ₹ 3,497 crore, which were ₹ 72,676 crore for their total investment for June.
