Stock market today: The Indian stock market ended lower on Monday, 24 August, in line with weak global cues. The Sensex ended at 77,369, down 172 points, or 0.22%, while the Nifty 50 closed 33 points, or 0.14%, lower at 24,219.05.
The Nifty Midcap 150 index inched up by 0.07%, while the Smallcap 250 index declined 0.21%.
In terms of index contribution, Reliance, Bajaj Finance, ICICI Bank, Bharti Airtel, SBI, and Axis Bank ended as the top drags on the Sensex index.
Among the sectoral indices, Nifty Metal jumped 1.6%, defying weak market sentiment.
What moved the stock market today?
The domestic market remained under pressure due to lingering US-Iran conflict and concerns over rising bond yields, even as oil prices dropped due to profit booking.
US Treasury Secretary Scott Bessent told CNBC that the new US sanctions against Iran will be the “toughest” in history.
The United States is entering the “endgame” of its confrontation with Iran, Bessent said on Sunday, pledging to sever every remaining economic lifeline to Tehran.
Brent crude futures dropped nearly 2% but still traded above $92 per barrel, fueling concerns about higher oil prices and their impact on India’s fiscal health, growth-inflation dynamics, and corporate earnings.
“Tracking weak Asian markets, Indian equities drifted lower through the day, with large caps underperforming broader markets,” noted Vinod Nair, Head of Research, Geojit Investments.
“Caution dominated market sentiment as investors are awaiting fresh sanctions from the US on Iran later today. Brent crude eased on profit-taking but remained above the $90 per barrel mark, supported by concerns over tighter Iranian oil supplies and ongoing tensions around the Strait of Hormuz. Against this backdrop, coupled with the RBI’s recent hawkish stance, domestic bond yields moved higher, dampening risk appetite,” Nair added.
Top Nifty gainers and losers today
SBI Life Insurance Company, Bajaj Finance, Adani Ports, and Bajaj Finserv ended as the top laggards in the Nifty 50 index.
On the other hand, JSW Steel, Hindalco Industries, Tata Steel, HCL Technologies, and Dr. Reddy’s Laboratories ended as the top gainers in the index.
Sectoral indices today
Among sectoral indices, banking and financial lost significantly, while metal (up 1.60%), realty, and IT clocked healthy gains.
Nifty Bank dropped 0.41%, while Financial Services slipped 0.39%. PSU Bank ended as the biggest loser among sectoral indices, losing 0.93%, while Media shed 0.58%.
Nifty Realty climbed 0.60%, while the IT index rose by 0.21%.
Nifty’s technical outlook
According to Sudeep Shah, the head of technical and derivatives research at SBI Securities, the immediate support for the Nifty is in the 24,050-24,070 zone.
“Any sustainable move below this zone could result in Nifty extending its weakness towards 23,900, followed by 23,750 in the short term. On the upside, the immediate resistance for Nifty is placed in the 24,350-24,370 zone,” said Shah.
Riyank Arora, Associate Vice President – HNI and Derivatives at Hedged.in, said 24,150–24,100 is immediate support, with a firmer floor near 23,950. Resistance is around 24,300–24,400; clearing that band would put the bulls back in the driver’s seat.
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Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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