Benchmark stock market indices experienced a downturn following a promising start, relinquishing their gains as shares of metal and steel companies declined.
As of approximately 10:12 am, the S&P BSE Sensex was trading 78.59 points higher at 73,884.74, while the Nifty50 showed an increase of 62.80 points at 22,401.55.
Earlier in the trading session, the Sensex peaked at 73,983.88, with the 50-share Nifty reaching a record high of 22,440.90.
Despite a positive opening for broader market indices, they encountered difficulty in maintaining momentum within the initial hour of trading, as volatility became prevalent in Dalal Street.
Among sectoral indices, Nifty Bank, Nifty Pharma, and Nifty Financial Services saw marginal gains, whereas Nifty Auto, Nifty IT, and Nifty Metal faced declines.
The top performers on the Nifty50 included NTPC, Dr Reddy’s Laboratories, Power Grid, Bajaj Auto, and BPCL. Conversely, JSW Steel, Tata Steel, Eicher Motors, M&M, and Ultratech Cement were among the top losers.
Deven Mehata, a research analyst at Choice Broking, advised, “With Nifty trading at all-time high levels, traders are recommended to maintain their long positions with a stop loss of 22250 on a closing basis. Furthermore, traders are encouraged to capitalize on market dips with the aforementioned stop loss.”
