Share market : On October 8, the Indian benchmark index Nifty closed below 25,050. At the end of the trading session, Sensex closed at 81,773.66, down 153.09 points or 0.19 per cent, and Nifty closed at 25,046.15, down 62.15 points or 0.25 per cent. There was a rise in about 1697 shares, a decline in 2297 shares. At the same time, there was no change in 138 shares. The BSE Midcap index fell 0.7 per cent and the Smallcap index fell 0.4 per cent.
Today, except consumer durables and IT, indices of all other sectors closed in the red. Realty, Telecom, Pharma, Oil & Gas, Media, PSU Bank and Auto indices closed down 0.3-2 per cent. Tata Motors, UltraTech Cement, Jio Financial, ONGC and Trent were among the biggest losers on Nifty. While Titan Company, Infosys, TCS, Tech Mahindra and Max Healthcare were among the top gainers of Nifty today.
How can the market move in future?
Vinod Nair, Research Head, Geojit Investments It is said that today there was volatile trading in the benchmark indices. Profit booking was seen after the sharp rise. Investors appear to be cautious ahead of the second quarter results. The market is keeping an eye on valuation and growth prospects. Trends in sectoral indices were mixed. IT stocks outperformed due to strong demand and good valuations, while auto, banking and FMCG stocks were under profit-taking pressure.
Increasing global uncertainties and the US shutdown have taken gold to historic highs. Gold has benefited from the increasing trend of risk aversion in the market. Now the market’s focus is on the September FOMC minutes of the US Fed, from this its further policies can be estimated. Global events will play an important role in deciding the future direction of the market. Apart from this, the market will also keep an eye on the second quarter results, macro economic data and festive season.
Bonanza Research Analyst Abhinav Tiwari It is said that due to weak global signals and weakness in some sectors, the markets closed with a decline today. Amidst rising inflation and geopolitical tension, the market will now keep an eye on the results of the companies. There is an environment of caution in the market with a bullish trend. In this environment, we may see further growth in sectors like IT, consumer durables and financials with strong fundamentals and growth potential. At the same time, it would be advisable to stay away from weak sectors like realty and PSU banks.
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