Stock Market: On Monday the Sensex and Nifty failed to continue their last day’s positivity and ended with losses for the first day of the week. This negative trend was mainly observed due to new margin implementation and the increased tensions between India and China on the border issue. Losing from the last trading day (Friday), Sensex declined by 839 points to close at, 38,628 while Nifty declined by 260 points to close at 11,388. During the last trading day (Friday), the Sensex closed 354.31 points higher at 39,467.31, while Nifty increased by 88.6 points to close to 11,647.60 points.
Market: Key highlights from Monday’s trading session: –
- The share market’s 6 day-long positive steaks were snapped and it rallied on the negative side to post the biggest one-day fall in the last 3 months.
- Nifty moved down by 260 points to end at 11,388.
- Sensex declined by 839 points to finally stand at 38,628.
- Top Nifty 50 Gainers: Oil and Natural Gas Corporation (ONGC) and Tata Consultancy Services (TCS).
- Top Nifty 50 Losers: Sun Pharma, Eicher Motors, and State Bank of India (SBI).
- Nifty Bank posted the biggest single-day fall since the last one month. It declined by 769 points to close at 23,754 points. On Friday it gained 923 points to finally end at 24,524 points.
- All stocks except ONGC and TCS traded in red, increasing the volatility index by 24 percent.
- The advance to decline ratio stands at 1:7.
- The Rupee closed marginally lower at 73.62 against the US dollar while on Friday it closes higher at 73.39 a dollar.
- The European stocks traded quite higher on Monday.
- Supreme Court agreed to hear Vedanta’s plea on the opening of the Tuticorin Copper Smelter facility.
Commenting on Monday’s trading session Vinay Khattar from Edelweiss Wealth said: “This is a buy on dip market, especially given with what has happened with the stock valuation. Most of the stocks which are trading fairly cheap are quite expensive so to speak. So, a buy on dip market and correction should be bought into; that to our mind would be a good strategy to be in this market.”