ANI
18 Sep 2023, 21:18 GMT+10
Mumbai (Maharashtra) [India], September 18 (ANI): Stock indices began the week on a slightly cautious note, opening with marginal losses as investors engaged in mild profit bookings following the recent record highs.
The Sensex closed the day down by 266.41 points, settling at 67,572.23, while the Nifty saw a decline of 69.80 points, concluding at 20,122.55.
Among the Nifty companies, there were 24 advances and 26 declines.
The top gainers for the day included Power Grid, Titan, HDFC Life, MM, and BPCL, while Hindalco, HDFC Bank, Adani Ports, Dr Reddy's Laboratories, and Bharti Airtel were among the top losers at the time of market closing.
Milind Muchhala, Executive Director at Julius Baer India, shared insights into the current market conditions, emphasizing a note of caution, especially in the small and microcap segments.
While the overall market conditions appear favourable, with stable macro-economic indicators, easing inflation, and robust corporate earnings in Q1FY24, potential sources of intermittent volatility include actions by the US Federal Reserve, rising commodity prices, uncertain monsoon impacts, upcoming state elections, and soft rural consumer demand.
He recommended a slightly conservative approach, favouring large-cap and larger midcap names and considering profit-taking in stocks that have experienced recent surges.
However, Muchhala also highlighted the positive outlook for Indian markets, driven by economic growth, strong corporate earnings, expected inflows, and valuations in line with historical averages.
Varun Aggarwal, founder and managing director, of Profit Idea said," Nifty after going towards the expected target of 20200 levels, is not consolidating. Banks stocks corrected today leading the index to close in minus after full-day consolidation".
"Nifty remains bullish with major support at 19517. Investors should focus on quality stocks in this correctionconsolidation we can see on the index. Nifty on the upside can target 20466", added Aggarwal.
"On Bank Nifty, major support lies at 44658it can potentially target 48050-50850 in the medium term. Mid and small-cap ratio remains quite bullish and can target higher levels. It is far from the highs we have seen in past rallies of 2008-2018", said Aggarwal.
Aggarwal said,"Many small and mid-cap stocks can potentially rise and give good returns to investors from current levels".
Investors can trade with a bullish bias keeping portfolio stop loss of Nifty of 19517. Indian stock indices had previously reached fresh highs due to strong cues from US markets and continued foreign portfolio investments.
The Indian economy's solid GDP growth rate in the first quarter of 2023-24, coupled with consistent foreign investments, had contributed to improved investor sentiment. (ANI)
Get a daily dose of Johannesburg Life news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Johannesburg Life.
More InformationVICTORIA, Texas: This week, U.S. District Judge Drew Tipton in Victoria, Texas, ruled that President Joe Biden did not have ...
WASHINGTON D.C.: The National Transportation Safety Board (NTSB) said it is investigating a JetBlue flight on Monday that experienced sudden ...
SEOUL, South Korea: Marking a tougher stand against North Korea, South Korea held its first large-scale military parade in over ...
WASHINGTON D.C. After hundreds of deaths overseas from contaminated cough syrups, the U.S. Food and Drug Administration (FDA) has cracked ...
EL PASO, Texas: Over the weekend, Oscar Leeser, Mayor of El Paso, said that the surge in migrants crossing the ...
HONG KONG: This week, Ronson Chan, chairman of the Hong Kong Journalists Association, was sentenced to five days jail for ...
As it did last year, the 2023 United Nations General Assembly has been debating what role the United Nations and ...
NAIROBI, KENYA - Low-income Kenyans have been hit hardest by high inflation, a new report says.Low-income households experienced a challenging ...
WASHINGTON - Somali security forces on Friday arrested a man believed to be one of the country's main illegal arms ...
Secretary of Defense Lloyd Austin's tour portrayed Washington's official strategy as more benevolent than it actually isUS Secretary of Defense ...
Yaounde, Cameroon - September 30 marks exactly 30 days since Gabon's military seized power and ended the nearly 60-year rule ...
Country's electoral lists include over 583,000 electors, and MPs will then be involved in an advisory role to King Mswati ...