Indian Stock Market Today: Nifty Ends Below 25,800, Sensex Falls Nearly 500 Points From Day’s High
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Nifty and Sensex: A Week in Review
This week, the talk of the town is the market outlook for the near term. The Indian markets have witnessed a remarkable pullback in the last few days. Does it seem stretched? To some, it does. To our Senior Editor, Markets, Niraj Shah, it does too.
The benchmark indices underperformed the broader market, with NIFTY ending in the red, below the 25,800 mark. Nifty Midcap and Smallcap closed largely flat with a negative bias.
Sectoral Performance: Winners and Losers
HDFC Bank, HUL, and Axis Bank dragged Nifty lower by nearly 80 points. On the other hand, Nifty Metal emerged as the top sectoral gainer, with gains led by Hindalco and Hindustan Copper.
Nifty FMCG fell the most, with HUL and Colgate being the biggest losers. Nifty Oil and Gas gained for 6 out of 7 trading sessions, while Nifty Auto and Nifty Pharma fell for 2 consecutive days.
Nifty Metal gained for 3 consecutive days, while Nifty IT and Media snapped a 3-day gaining streak.
Stock-Specific News: SBI Life and More
The shares of SBI Life dipped after the insurance company posted its second-quarter earnings, reporting a 6% dip in profit.
Meanwhile, veteran investor Shankar Sharma shared a 20-year-old anecdote of steering his house help, Teji, and guard Yadav away from the 2004-2007 stock bull market toward monthly gold buys and annual land investments. He said that this enabled the guard to purchase an apartment in Mumbai by liquidating portions of those assets.
Expert Insights: Samir Arora and Kotak Securities
Indian mid- and small-cap stocks will outperform their larger peers when foreign institutional flows turn positive, according to Samir Arora of Helios Capital.
Arora told NDTV Profit in a televised interview on Friday that India’s underperformance compared to emerging markets is too wide now. Investors in general are allocating to non-US markets, and India cannot be an exception.
Kotak Securities, on the other hand, believes that the traditional ‘Equities vs. Gold’ debate is largely irrelevant, as the assets serve fundamentally different functions in household savings.
In a recent note, Kotak Securities said that equities are for investment, while gold acts as insurance. The near-term gold price drivers, like fear of missing out or FOMO and currency debasement arguments, appear weak to the analyst.
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Conclusion
In conclusion, the Indian stock market has witnessed a remarkable pullback in the last few days, but it remains to be seen whether this trend will continue. With Q1 earnings season in full swing, investors are advised to stay cautious and keep a close eye on market developments.
For the latest updates on the Indian stock market, including Sensex news, Nifty updates, and stock market tips, please visit our website regularly.
