Stock Market Sees Continued Correction: Nifty and Sensex Close in Red Amid Volatile Trade
The stock market continued its downward trend today, with both Nifty and Sensex closing in negative territory following two days of heavy losses earlier this week. After a day of fluctuating movements, Nifty settled 26.35 points lower at 23,533, down by 0.11%, while the BSE benchmark Sensex fell 111 points, or 0.14%, closing at 77,581. This marks the sixth consecutive day of losses for both indices.
Steep Decline in Nifty and Sensex Over Two Months
The market has faced substantial corrections over the past two months, with Nifty and Sensex recording a 11% decline, reaching their lowest levels in the last five months. Analysts are predicting further losses, with expectations of a potential 10% drop in Nifty by the end of the year. The ongoing correction is creating a tense market environment, leading to heightened uncertainty among investors.
Stocks That Balanced the Market Amid Decline
Despite the overall bearish trend, specific stocks showed positive movements. Reliance Industries, led by Mukesh Ambani, saw a 1.25% gain, closing at ₹1,268 per share. Kotak Bank also gained 1.19%, closing at ₹1,708, while Tech Mahindra advanced by 0.72%, settling at ₹1,688. HDFC Bank saw a modest gain of 0.68%, closing at ₹1,693, contributing to balancing the market.
Stocks Under Pressure: HUL, Nestle India, and NTPC Lead the Decline
On the flip side, several stocks faced pressure, contributing to the overall market downturn. Hindustan Unilever (HUL) witnessed the steepest decline, dropping 3.08% to close at ₹2,389. Nestle India also saw a 2.35% fall, ending the day at ₹2,183, while NTPC lost 2.33%, closing at ₹372.50. IndusInd Bank saw a 1.89% drop, closing at ₹1,017, and Power Grid’s shares fell by 1.86%, ending at ₹312.10.
Sectoral Indices Reflect Mixed Trends
Sectoral indices also displayed mixed performance, with the Nifty FMCG index taking the brunt of the selling pressure. The Nifty FMCG sector closed 1.53% lower at ₹55,783, while Nifty IT edged up by 0.05%, ending the day at ₹42,391. Bank Nifty gained 0.18%, closing at ₹50,180, and Nifty Auto rose by 0.66%, closing at ₹22,915.
As the market continues to face volatility, investors are advised to stay cautious and monitor specific sectors and stocks that are showing resilience amid broader market corrections.
