Market Update: Nifty Ends Flat, ONGC Leads Gainers with 3% Surge

The Indian stock market witnessed a flat day on Monday, with the Nifty 50 index closing at 24,320.55, a mere 0.01% decline from the previous day’s close. The index snapped its three-day gaining streak, with 22 stocks rising, 27 declining, and 1 remaining unchanged.

Among the top performers, Oil and Natural Gas Corporation (ONGC) stole the show, surging 3.80% to ₹299.15, making it the day’s top gainer. This significant increase marked a notable turnaround from its previous close of ₹288.20.

Other notable gainers included:

• ITC, which rose 2.29% to ₹443.60
• HDFC Life Insurance Company, which increased by 2.23% to ₹620.90
• Hindustan Unilever, which gained 1.58% to ₹2587.15
• Tata Consumer Products, which rose 1.18% to ₹1150.80

These companies’ stock prices showed a significant increase, indicating a positive trend in the market.

On the other hand, some stocks experienced a decline:

• Divi’s Laboratories, which fell 3.57% to ₹4464.20, making it the day’s top loser
• Titan Company, which dropped 3.46% to ₹3156.20
• Bharat Petroleum Corporation, which fell 2.33% to ₹299.50
• Shriram Finance, which declined 2.02% to ₹2808.10
• Adani Ports, which dropped 1.68% to ₹1475.30

Experts believe that the market is entering a consolidation phase due to the absence of major triggers to support the current premium valuation. Vinod Nair, head of research at Geojit Financial Services, said, “The earnings season is around the corner, and the initial expectation is subdued. With stable input prices and ongoing price cuts, the period of margin expansion appears to be concluding, which is likely to affect earnings and valuations.”

Rupak De, senior technical analyst at LKP Securities, added, “The Nifty remained range-bound during the day, as market participants appeared to be in no hurry to decide the market’s direction. Support remains at 24,240, and a fall below this level might weaken the strength of the bulls. Until then, dips might be bought into. On the higher end, resistance is seen at 24,375-24,400. Above 24,400, the index might move towards 24,600.”

This market update provides valuable insights for students preparing for competitive exams, highlighting the key trends and performances of various stocks and indices.

Historical Context:

The Indian stock market has been experiencing a rollercoaster ride in recent times, with the Nifty 50 index witnessing a significant surge in the past few months. The index has been driven by a combination of factors, including the country’s economic growth, corporate earnings, and global market trends. In the past year, the Nifty 50 has seen a significant increase, with the index reaching an all-time high of 24,640 in October 2021. However, the market has been experiencing a correction in recent months, with the index declining by around 10% from its peak.

Market Update:

The Indian stock market witnessed a flat day on Monday, with the Nifty 50 index closing at 24,320.55, a mere 0.01% decline from the previous day’s close. The index snapped its three-day gaining streak, with 22 stocks rising, 27 declining, and 1 remaining unchanged.

Key Performers:

• ONGC: Surged 3.80% to ₹299.15, making it the day’s top gainer
• ITC: Rose 2.29% to ₹443.60
• HDFC Life Insurance Company: Increased by 2.23% to ₹620.90
• Hindustan Unilever: Gained 1.58% to ₹2587.15
• Tata Consumer Products: Rose 1.18% to ₹1150.80

Top Losers:

• Divi’s Laboratories: Fell 3.57% to ₹4464.20, making it the day’s top loser
• Titan Company: Dropped 3.46% to ₹3156.20
• Bharat Petroleum Corporation: Fell 2.33% to ₹299.50
• Shriram Finance: Declined 2.02% to ₹2808.10
• Adani Ports: Dropped 1.68% to ₹1475.30

Expert Insights:

• Vinod Nair, head of research at Geojit Financial Services, believes that the market is entering a consolidation phase due to the absence of major triggers to support the current premium valuation.
• Rupak De, senior technical analyst at LKP Securities, suggests that the Nifty remained range-bound during the day, with support at 24,240 and resistance at 24,375-24,400.

Summary in Bullet Points:

• The Nifty 50 index closed flat on Monday, snapping its three-day gaining streak • ONGC was the top gainer, surging 3.80% to ₹299.15 • ITC, HDFC Life Insurance Company, Hindustan Unilever, and Tata Consumer Products were other notable gainers • Divi’s Laboratories, Titan Company, Bharat Petroleum Corporation, Shriram Finance, and Adani Ports were the top losers • Experts believe the market is entering a consolidation phase due to the absence of major triggers • The Nifty 50 index is expected to remain range-bound, with support at 24,240 and resistance at 24,375-24,400