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Profit booking, global cues depress equity markets; metal stocks fall
Mumbai, July 24, 2020
Profit booking and negative global cues depressed the key domestic equity indices on Friday.
In terms of global cues, investors were concerned on account of rising US-China tensions.
Similarly, the record number of new virus infections in India also unsettled investors, with its related delay in business and earnings recovery.
However, the indices made a sharp recovery from the day's low to close in a flat-to-negative note.
Sector-wise, S&P BSE IT index made healthy gains, whereas BSE metal, bank, realty and telecom indices slipped.
The Nifty50 closed at 11,194.15, fell by 21.30 points or 0.19 per cent from the previous close of 11,215.45 points.
The Sensex closed at 38,128.90, lower by 11.57 points or 0.03 per cent from the previous close of 38,140.47.
It had opened at 37,949.59 and touched an intra-day high of 38,235.73 and a low of 37,748.41 points.
"Technically, with the Nifty recovering sharply after the weakness seen in the morning session, the underlying trend continues to remain up," said Deepak Jasani, Head of Retail Research at HDFC Securities.
"The Nifty could now attempt to target the next major intermediate resistances at 11,342-11,433 in the coming week. Weakness could emerge if the support of 11,090 is broken."
According to Vinod Nair, Head of Research at Geojit Financial Services: "Inspite of negative global cues and profit booking in the beginning of trade, Indian indices overcame a negative start to finally end the day flat with a negative bias."
"Reliance Industries stock performance boosted the benchmark indices and helped limit further losses, while financials led the losses."