Market Overview

Investors booked profits: Indian indexes declined Monday

investors booked profits

Indian equity indices witnessed a fall on Monday as a result of profit-taking after the 3-day rally. Foreign institutional investors (FIIs) decided to sell stocks of Indian companies for INR11,507.05 crore and they purchased stocks for the consideration of INR11,473.54 crore, which led to the outflow of INR33.51 crore, as per NSE data. Domestic institutional investors (DIIs) purchased equities for INR9,657.75 crore and offloaded shares worth INR9,243.87 crore. Finally, this led to an inflow of INR413.88 crore. Since investors booked profits after the strong week, The BSE 30-share Sensex saw a fall of 168.66 points, or 0.24% to close the day at ~71,315.09 levels.

During intraday, it declined by ~341.46 points, or 0.47%, to 71,142.29. The NSE Nifty fell by ~38 points, or 0.18%, to end at 21,418.65.

Equity markets started the session on the subdued note due to concerns regarding oil supply disruptions through Red Sea and higher valuations which dented investors’ sentiments. Globally, attention is expected to be on BOJ monetary policy and UK inflation data. Experts and traders continue to expect a near-term consolidation in the stock market because of an unfavourable risk-reward post the recent rapid performance along with slowdown in world GDP.

On the positive side, BSE small-cap index went up by ~0.48% and midcap index saw an increase of ~0.28%. Regarding sectoral indices, realty fell by 0.98%, financial services declined by ~0.32%, FMCG by ~0.28%, IT by 0.27% and technology declined by ~0.26%. Services index saw a jump of ~1.50%, telecommunication grew by ~0.81%, capital goods by ~0.75% and consumer durables increased by ~0.60%.

In the week gone by, indices touched new highs as a result of good news such as increased industrial activity, central bank improving FY24 growth rate projections, stability in oil prices, weakening of the USD, etc. US Fed’s decision to keep the interest rates steady resulted in triggering global rally in stocks. 

Coming to the European counterparts, European equities declined on Monday as investors booked profits ahead of more critical inflation data. European Central Bank and Bank of England decided to keep their interest rates unchanged in the previous week. However, they also pointed out that their fights against inflation might continue in the next year. 

Latest U.K. inflation release is expected on Wednesday, which should show that consumer prices remained more than double in comparison to Bank of England’s 2% target. 

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