The Indian equity indices on Tuesday ended lower after reaching to all-time high levels. The Nifty 50 closed the day 0.10% lower at 22,642.75. Similarly, Sensex dipped 58.80 points to finish the session at 74,683.70.
Nifty Bank closed the day’s trading 149 points higher at 48,730.55. The Nifty Midcap 100 gained 146.70 points or 0.29% to settle at 49,894.70.
On the sectoral front, media, PSU Banks, and consumer durable stocks dragged the indices lower. In the broader indices, midcap stocks closed in the red.
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“The Indian market reached a fresh intraday peak before seeing profit-booking at higher levels in anticipation of tomorrow’s key US inflation data, which carries weight in determining future rate cuts by the US Fed. Concerns have emerged amidst recent better-than-anticipated US employment and manufacturing data, suggesting a potential shift in expectations regarding rate cuts this year. Moreover, escalating geopolitical tensions in the Middle East, alongside supply concerns, have propelled crude prices upward, impacting overall market sentiment. In the near term, the focus will shift to Q4 earnings, which will kick off this weekend,” said Vinod Nair, Head of Research at Geojit Financial Services.
“Indian markets have crossed all-time highs on continued optimism regarding good earnings growth, a strong economy as well as total flows that have touched $50 billion for FY24 (of which approx $ 2 billion a month have been domestic SIPs). We continue to remain highly positive on the continued outlook for the Indian economy & markets and expect the momentum to continue with more vigour for the remainder of 2024, especially post the anticipated return of the present government in June,” said Rakesh Parekh, MD & Co-Head of Portfolio Management Services at JM Financial.