India's benchmark indices dipped on Tuesday, weighed down by weak results from blue-chip giants Hindustan Unilever (HUL) and Reliance Industries (RIL). Both Nifty 50 and Sensex lost around 0.3%, extending their recent consolidation phase.
Key Points:
· Indices: Nifty 50 down 0.23% at
21571.80, Sensex down 0.36% at 71423.65.
· Volatility: Market remained volatile throughout
the day, reflecting uncertainty and indecision.
· Technical Analysis: Consolidation
likely to continue within the 21500-21700 range. Breakouts above or below
these levels could signal further directional movement.
· Top Losers: HUL, RIL, IndusInd
Bank, TCS, HDFC Bank dragged the indices down.
· Top Gainers: ICICI Bank, Bharti
Airtel, Axis Bank, Coal India, L&T provided some support.
· Sectoral Performance: Nifty PSU Bank
gained the most, while Nifty FMCG suffered due to HUL's performance.
· Broader Markets Outperform: Midcap and Smallcap indices edged higher, outperforming the benchmarks.
Analysts' Views:
· The
current phase of consolidation is likely to continue for a few days until a
decisive breakout occurs.
· A
breakdown below 21500 could trigger a correction towards
21300. Conversely, a breakout above 21700 is needed for a resumption
of the uptrend.
· Weak
results from HUL and RIL contributed to the selling pressure, but positive
performances from other companies like ICICI Bank and Bharti Airtel helped
cushion the fall.
Looking
Ahead:
· Upcoming
events like corporate earnings, global cues, and technical signals
will be crucial for determining the market direction.
· Investors
should exercise caution and closely monitor individual stock performances
within the current volatile environment.
Indian stock market
news
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NHPC stock rallied 9.45 percent, a day after the company successfully
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Kotak Mahindra Bank gained 2.41 percent after the bank reported a 7.6 percent increase in profit at Rs 3,005 crore in Q3. The bank’s net interest income went up by 15.9 percent from the year-ago quarter to Rs 6,554 crore.
IRCON gained 17.25 percent along with other railway stocks as they
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RBL Bank jumped 1.3 percent despite Q3 result missing the street’s
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