The benchmark stock market indices showed little change on Monday, primarily due to a struggle in the information technology sector influenced by global weaknesses.
The S&P BSE Sensex concluded the day with a marginal gain of 14.54 points, reaching a total of 66,023.69, while the NSE Nifty 50 inched up by a mere 0.30 points to reach 19,674.55. Despite considerable volatility, the broader markets displayed resilience, with most indices experiencing an uptick.
Within the sectoral indices, Nifty IT registered the most substantial decline, followed by Nifty Media and Nifty Pharma. However, Nifty Bank and Nifty Financial Services managed to provide stability and support to the domestic markets.
Among the top 5 gainers on the Nifty 50 were Bajaj Finance, Tata Consumer Products, Bajaj Finserv, Apollo Hospitals, and Coal India. Conversely, the top losers included Hindalco, SBI Life, Hero MotoCorp, Infosys, and M&M.
Regarding individual stocks, Religare Enterprises closed nearly 7 percent lower following the Burman family's announcement of their intention to acquire an additional 26 percent stake in the financial services firm, thereby gaining a controlling interest.
Shares of Delta Corp, a casino operator, experienced a substantial decline of nearly 17 percent after receiving a notice demanding payment of approximately Rs 16,800 crore in tax arrears.
Deven Mehata, a research analyst at Choice Broking, noted that Nifty exhibited turbulence throughout the day following a flat opening, eventually stabilizing and ending the day with minimal changes, forming a doji candle on the daily chart.
He further emphasized that the range of 19,600-19,550 serves as robust support for Nifty, and suggested that "further correction can be expected only if Nifty closes below 19,550 levels."
