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Volatile Monday! Nifty closes at 22,050, Sensex jumps 105 points; metal and auto stocks shine

Nifty and Sensex closed Monday’s trading session a bit higher. The Nifty 50 gained 32.35 points at 22,055.70. While the Sensex advanced 105 at 72,748.42 points. The gainers included Tata Steel, M&M, JSW Steel, Tata Motors, and Apollo Hospitals. The Indian Volatility Index (India VIX) closed 1.46% higher. 

Nifty Bank pulled 18.20 points to settle at 46,575.90. The Nifty Midcap 100 tumbled over 180 points and settled down 0.39%  at 46,501.65. 

On the sectoral front, metal and auto stocks gained the most among their peers in Monday’s trading session. On the flip side, the broader indices were trading in negative, with midcap and smallcap stocks closing in the red. 

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The Indian market followed the positive Asian peers with a mixed bias. Domestic issues, like mutual fund stress tests,  hardly brought any negative views, but premium valuation remained a concern. Midcap & small caps are attempting to scroll up, however consolidation persists. Both DII & FII inflows are strong for large caps, hence sustaining their outperformance, said Vinod Nair, Head of Research, Geojit Financial Services. 

“Policy actions, this week, from global central banks, the US FED, BOJ, and BOE will dictate the market direction. Indication, by the FED, that rate cut may be probably in the latter half of CY24, should bring a mixed sentiment in the short term,” said Nair.

“Nifty remained volatile throughout the day, oscillating between 21,900 and 22,100. The bulls have thus far managed to defend the 21,900 level successfully. However, a dip below 21,900 could strengthen the bears’ position, although for now, any downturn is being met with buying activity. On the upside, a sustained upward movement beyond 22,100 may propel the index towards 22,250 and beyond. Support is established at 21,900, below which the index might decline towards 21,700,” said Rupak De, Senior Technical Analyst, LKP Securities.

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