#Nifty #Sensex ends lower, snapping four days of gains, weighed by losses in #Infosys and #BajajFinance. #NDTVProfitMarkets
Here’s Tamanna Inamdar with the day’s wrap.
Also read: bit.ly/3wCEBGi
Here’s Tamanna Inamdar with the day’s wrap.
Also read: bit.ly/3wCEBGi
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TVTranscript
00:00 It was a quiet day of trade for the markets. Markets ended down in the red, but I wouldn't
00:05 say massively down in the red. Clearly, 22,400 is a tough resistance level for the Nifty.
00:12 They're not managing to stay above it. And you saw a drop over there through the day on the
00:17 Nifty and the Sensex. Nifty Bank was doing okay, less than half a percent up, really. So nothing
00:24 major there. The big loser of the day, I would say, were the IT stocks. Look at the Nifty, IT down
00:30 nearly 1.5%, 2%. This is on the back of a CLSA report that saw its outlook on IT companies dim,
00:39 especially with a lack of clarity when it comes to interest rate cuts. On the other end of the
00:44 spectrum, I would say the PSU banks were the winners of the day. The Nifty PSU Bank index up
00:50 about 2.5% could be a several set of reasons, but maybe the inclusion of Indian bonds in the
00:57 Bloomberg index by the beginning of January 2025 could definitely be one of them. And look at the
01:05 kind of run up you've seen. And IOB up 10%, Yuko Bank, 8%, Punjab and Sindh Bank, a whole host of
01:12 them having a fabulous day. I want to pull up the heat map and just show you and give you a sense
01:18 of how the Nifty ended and what the trends were. Now at the bottom, you will find a whole host of
01:24 IT stocks. Also the Bajaj twins, Bajaj Finance and Bajaj FinServ have had a tough day of the markets.
01:30 Not too clear why and what's happening there, over 4% down. Infosys, TCS, LTI, Mindtree, Wipro,
01:37 HCL Tech, all of them find them on the last row. Tata Motors, the big story of the day, of course.
01:43 The de-merger was announced post-market hours yesterday. The PV and the passenger vehicle and
01:48 commercial vehicle businesses will be split. It'll take 12 months plus. That stock up 4%
01:54 off its highs of the day, but really has hit lifetime highs as well. Bajaj Auto also did
02:00 pretty well today. And it was a decent day for autos actually. M&M, Ayesha, all of them on that
02:06 top row as are ONGC. NTPC had a good day. So did BHEL. The other pack of stocks I must talk about,
02:13 if you want to know what happened in the markets today, is IIFL. IIFL Finance, after the news that
02:19 RBI stopped them from disbursing gold loans at a 20% lower circuit from the get-go and right till
02:26 the end. IIFL Securities, possibly just because they share the same brand name, down about 12.5%
02:33 as well. And this is where you saw the most amount of pain. On the other side, a Mathut and a
02:39 Mannapuram had a pretty decent day, ended up in the green, but off their highs because of other
02:44 companies in that gold loan space, which may have some benefit if market share comes down from an
02:51 IIFL Finance in gold loans. So all in all, a quiet day, but a big news day in that sense
02:57 for the markets. We'll wait and watch how the day pans out tomorrow.