Market Volatility: Nifty Struggles Near 23700; Banking Stocks Rise, IT and FMCG Under Pressure. Profit-booking Impacts Market; 23700 a Crucial Level for Weekly Expiry.
Stock Market Update: Wednesday's stock market opened positively but soon witnessed increased volatility. The Nifty opened at 23700 and reached an intraday high of 23736, only to decline by 100 points within 30 minutes.
Nifty 50 Top Gainers and Losers
IndusInd Bank led the gains, trading over 2% higher. Other prominent top gainers included Power Grid, Bajaj Finserv, BPCL, and Hindalco. Conversely, Dr. Reddy's, Shriram Finance, Trent, Tech Mahindra, and Bajaj Auto were among the Nifty 50's top losers.
23700 Emerges as a Crucial Level
The 23700 level could prove to be a b resistance point for the Nifty. Following recent gains, profit-booking is evident in several stocks, increasing downward pressure on the market.
Sectoral Performance
Amidst market fluctuations, slight buying activity is observed in the real estate and metal sectors. Investor interest remains in banking stocks like IndusInd Bank and HDFC Bank, while the IT and FMCG sectors are under pressure.
23700 Crucial in Light of Weekly Expiry
With the weekly expiry scheduled for tomorrow, the 23700 level will be crucial for the Nifty. Breaking above this level could lead to further strengthening, while remaining at this level might indicate continued market volatility.
