Market at close: The Indian stock market faced a roller-coaster ride today as it failed to hold on to its early gains. The broader market underperformed.

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Both the Nifty 50 and BSE Sensex witnessed significant swings during the day, with the Nifty 50 sliding nearly 100 points from its intraday highs, and the Sensex slipping by 200 points from the intraday high before closing at 66,795. However, by the end of the session, the BSE Sensex managed to recover, rising by 159 points, while the Nifty 50 gained 38 points, closing at 19,749.

The midcap index faced sustained pressure, leading to a decline of 50 points, reaching 36,591. Similarly, the Nifty Bank slipped by 39 points, closing at 45,410.

Among the sectoral indices, the Nifty PSU Bank suffered the most significant setback, with Bank of Baroda experiencing a 2 percent decline in its stock price.

On the Nifty 50 index, Infosys, Asian Paints, HCL Technologies, Reliance Industries, and Hero MotoCorp emerged as the top gainers, contributing to the positive momentum. Conversely, LTIMindtree, Britannia Industries, State Bank of India, HDFC Life, and Titan Company faced losses.

Expert view

"Domestic equities extended their record high-runs with Nifty touching a new high of 19819. The index opened higher and traded sideways to close with marginal gains of 38 points at 19749 levels. Broader market however underperformed with the Nifty midcap 100 ending flat to negative while the Nifty smallcap 100 was down -0.9 percent. Among sectors, IT was the top gainer up 1% followed by oil & gas. Continuing its current record-breaking rally, Nifty crossed the 19,800 mark – just 200 points away from the 20k zone. We expect the gradual up move in the market to continue given the positive macro and micro factors. We suggest investors to look for buy on dips strategy as the Q1 earning season is expected to be healthy. On the global front, Investors look ahead to a busy week of earnings, including quarterly results from some of the largest U.S. banks. Today’s (Tuesday) release of US retail sales and IIP data would be important from US Fed’s interest rate decision perspective," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

Also read: Stock Market Highlights: Sensex, Nifty 50 end off day’s highs, Infosys up 3.7%

First Published:Jul 18, 2023 3:49 PM IST