Markets end in the red after opening higher; Nifty closes near 21,500 top gainers on January 08 include Adani Ports and SEZ, HCL Technologies, Oil and Natural Gas, Hero MotoCorp, and NTPC whereas Banks and FMCG stocks among key losers

financialexpress.com:

The benchmark equity indices ended Monday’s trading session in the red. The NSE Nifty 50 fell 197.80 points or 0.91% to settle at 21,513 points. While S&P BSE Sensex closed 670.93 points lower or 0.93% to settle at 71,355.22 points. Nifty Bank ended lower by 708.75 points or 1.47% to settle at 47,450.25 points.

The broader indices ended in negative territory, with midcap stocks being the top drag. On the sectoral front, Banks and FMCG stocks led the fall.

Adani Ports and SEZ, Oil and Natural Gas, NTPC, Sun Pharma, and Hero MotoCorp were the top gainers on the NSE Nifty 50, while the laggards include UPL, SBI Life Insurance, Mahindra & Mahindra, State Bank of India, and Tech Mahindra. The Indian Volatility Index (India VIX) closed up by 7.06%.

“Markets traded under pressure and lost nearly a percent, in continuation to the prevailing consolidation phase. After the flat start, Nifty drifted gradually lower and finally settled around the day’s low at 21,513 levels. The decline was widespread wherein FMCG, metal, and banking were among the top losers. The broader indices also felt the heat and lost in the range of 0.6%-1.06%.

Nifty has engulfed the gains of the last three sessions and may slip further towards the support zone of 21200-21300 levels. The move shows that participants are in the profit taking mood citing a dip in the US markets and caution ahead of the earnings. Amid all, traders should keep a check on aggressive longs and accumulate quality stocks on dips,” said Ajit Mishra, senior vice president of technical research at Religare Broking.

“The market witnessed widespread selling as the euphoria over early rate cuts may diminish due to the better-than-expected non-farm payroll data from the US and the consequent