Mumbai (Maharashtra) [India], August 24 (ANI): Benchmark home fairness indices closed decrease on Monday, as traders remained cautious forward of recent US sanctions on Iran, whereas elevated crude oil costs and rising home bond yields continued to weigh on market sentiment.
The Nifty 50 index closed at 24,219.05, declining 32.95 factors or 0.14 per cent, whereas the BSE Sensex ended at 77,370.13, down 171.70 factors or 0.22 per cent.
According to Vinod Nair, Head of Research, Geojit Investments Limited, warning dominated the market as traders awaited recent sanctions from the US on Iran.
‘Caution dominated market sentiment as traders are awaiting recent sanctions from the US on Iran later right now. Brent crude eased on profit-taking however remained above the $90/bbl mark, supported by issues over tighter Iranian oil provides and ongoing tensions across the Strait of Hormuz,’ Nair stated.
He added that the RBI’s current hawkish stance, together with increased home bond yields, additionally affected threat urge for food.
‘Against this backdrop, coupled with the RBI’s current hawkish stance, home bond yields moved increased, dampening threat urge for food,’ Nair stated.
Brent crude oil remained elevated at USD 93 per barrel on the time of reporting. Gold costs continued to stay excessive and have been buying and selling at Rs 1,63,499 per 10 grams for twenty-four karat, whereas silver was buying and selling at Rs 2,45,658 per kg.
Sectorally, most NSE indices closed within the purple. Nifty Metal was the notable outperformer, rising 1.15 per cent, whereas Nifty Realty gained 0.31 per cent.
Among the sectors that declined, Nifty Auto fell 0.30 per cent, Nifty FMCG declined 0.29 per cent, Nifty Media misplaced 0.49 per cent, Nifty Pharma fell 0.07 per cent, Nifty PSU Bank declined 1.27 per cent, Nifty Consumer Durables dropped 0.47 per cent, and Nifty Oil and Gas fell 0.13 per cent.
The high gainers within the Nifty 50 included Hindalco, JSW Steel, Dr Reddy, Tata Steel, HCL Tech and Tata Consumer, whereas SBI Life, Bajaj Finance, Bajaj Finserv, TMPV and Max Health have been among the many high losers.
Nair stated Indian equities additionally tracked weak Asian markets and drifted decrease throughout the day, with large-cap shares underperforming broader markets. He famous that metals outperformed on agency commodity costs, whereas banking shares got here below strain, with PSU banks trailing private-sector banks amid mark-to-market losses resulting from rising sovereign bond yields.
Asian markets additionally remained below strain. South Korea’s KOSPI declined greater than 3 per cent to shut at 6,696, Hong Kong’s Hang Seng fell 2 per cent to 25,499, Japan’s Nikkei declined 0.72 per cent to 65,545, whereas Singapore’s Straits Times fell 0.15 per cent to five,680. (ANI)