Sensex, Nifty on correction path, fall for second day in a row

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Sensex And elegant It ended Monday lower, extending corrections from all-time highs for the second consecutive session due to the sell-off in heavy stocks.

Foreign money outflows and higher crude oil prices also weighed on equity markets even as traders await the US Federal Reserve’s monetary policy decision to be announced this week.

BSE Sensex, which includes 30 shares, fell 299.48 points, or 0.45 percent, to settle at 66,384.78 points. During the day, it touched the intraday peak at 66808.56 and reached the lowest level at 66808.56.

The NSE Nifty Index fell by 72.65 points, or 0.37 percent, to close at 19,672.35 points. The broader index moved between 19782.75 and 19658.30.

Also read: Bank Nifty Forecast Today – 24th July 2023: The bias is bullish. Go for a long time

Both indices had settled down more than 1 percent in the previous session on Friday, snapping their record six-day rally. The BSE benchmark fell 887.64 points, or 1.31 percent, to settle at 66,684.26 on Friday. NSE Nifty fell by 234.15 points, or 1.17 percent, to close at 19,745 points.

On Monday, 18 of the 30 Sensex stocks closed the session higher in the green, while 25 stocks ended trading on the Nifty 50-share index, with 25 stocks ending the trade higher.

From the Sensex package, IndusInd Bank, Mahindra & Mahindra, PowerGrid and Bajaj Finserve rose as much as 2.01 percent.

On the other hand, leading stocks such as ITC, Kotak Mahindra, Tech Mahindra and Reliance were lagging behind. Shares of Integrated Telecom Company closed the session down by 3.87 percent Reliance closed down 1.92 percent.

Also read: Nifty Forecast Today – July 24, 2023: The intraday trend is not clear. Stay out of the market

Elsewhere in Asia, equity markets were mixed, with the Nikkei up 1.23 percent, while the Hang Seng and Shanghai Composite were down 2.13 percent and 0.11 percent, respectively.

European markets were also trading mixed. Germany’s DAX rose 0.08 percent while London’s FTSE 100 rose 0.06 percent. The French CAC 40 index lost 0.18 percent.

US markets closed higher on Friday, with the S&P 500 up 0.03 percent.

Brent crude, the global benchmark for oil, was trading up 0.73 percent, at $81.66 a barrel.

Foreign institutional investors (FIIs) were sellers on Friday unloading shares worth Rs 1,998.77 crore, according to exchange data.