Market Wrap: Sensex Ends 11-Day Winning Streak Amid Global Economic Concerns: In today's market wrap, the Sensex, a key indicator of equity performance, halted its impressive 11-day winning streak, closing in the negative territory due to losses primarily driven by heavyweight stocks such as HDFC Bank, Reliance Industries, and Infosys. The domestic market followed global sentiment trends, which were weighed down by lingering concerns about global economic growth. Additionally, it's worth noting that both the NSE and BSE remained closed on Tuesday in observance of Ganesh Chaturthi 2023.
Sensex and Nifty Performance
The Sensex opened the day with a 173-point decline at 67,665.58, compared to its previous close of 67,838.63. It remained in the red throughout the trading session and concluded 241.79 points, or 0.36%, lower at 67,596.84.
The Nifty50 index opened at 20,155.95, down from its previous close of 20,192.35, and eventually ended the day with a 59-point decline, or 0.29%, closing at 20,133.30.
Mid and Smallcaps
Midcap and smallcap stocks mirrored the downward trend, with the BSE Midcap index falling 0.27%, and the Smallcap index dropping 0.60%.
Crude Oil Prices: Crude oil prices continued their ascent, driven by supply constraints and optimism stemming from expectations that the US Federal Reserve would maintain its current interest rates. Brent Crude edged up by approximately half a percent, surpassing the $94 per barrel mark.
Nifty Gainers and Losers
Among the Nifty pack, 26 stocks recorded losses, while the remaining 24 posted gains.
Hindalco (down 2.19%), HDFC Bank (down 1.93%), and Adani Ports (down 1.80%) emerged as the top losers in the Nifty index.
Conversely, Power Grid (up 3.12%), Titan (up 2.66%), and HDFC Life Insurance Company (up 2.43%) closed as the top gainers in the Nifty index.
Precious Metals
Commodity Market Overview: In the precious metals market, gold prices rose by Rs.180 to reach Rs.60,200 per 10 grams in the national capital, driven by an increase in international gold prices.
Silver also saw a significant jump, rising by Rs.400 to reach Rs.74,400 per kilogram.
Gold maintained its steady trading pattern following a recovery witnessed towards the end of the previous week, as investors factored in the possibility of a pause in interest rate hikes by the Federal Reserve during its upcoming policy meeting this week.
That's a summary of today's market performance. Stay tuned for more updates and analysis in the world of finance and investments.
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