Market ends red on 2nd day; Nifty below 19,700

24 Jul 2023 , 03:39 PM

As of Monday, the domestic equity market in India experienced a second consecutive day of weak performance, mainly driven by declines in major index heavyweights, particularly Reliance Industries and bank stocks.

The benchmark indices, Nifty and Sensex, ended the day lower, with the Nifty closing below 19,700 and the Sensex down 300 points, closing at 66,384.78.

Despite the overall weak performance of the benchmark indices, the broader market indices showed a mixed trend. The Nifty Smallcap 100 index traded slightly higher, indicating some resilience in smaller companies, while the Nifty Midcap 100 index experienced a dip.

Among the sectors, Nifty FMCG and Nifty Metal indices were the biggest losers, facing significant declines. On the other hand, sectors like PSU Banks, realty, IT, and auto showed strength and emerged as the top gainers on the National Stock Exchange (NSE).

On the Nifty index, SBI Life Insurance, IndusInd Bank, Dr. Reddy’s Labs, Bajaj Finserv, and M&M emerged as the top gainers, showcasing strong performance. Conversely, Kotak Mahindra Bank, ITC, Tech Mahindra, Reliance Industries, and Britannia Industries were among the losers, experiencing declines in their stock prices.