Indian Stock Market Sees Mixed Results: Sensex and Nifty Close Lower After Record Highs
The Indian stock market witnessed a mixed day of trading on Tuesday, April 9, as the Sensex and Nifty 50 closed lower following a surge to fresh record highs. The global cues remained weak, leading to a slight dip in key benchmarks.
The Sensex, which started the day at 75,124.28, surpassing its previous close of 74,742.50, reached a new peak during the session before ultimately closing down by 59 points, or 0.08 percent, at 74,683.70. Similarly, the Nifty 50 opened at 22,765.10 compared to its previous close of 22,666.30, hit a fresh high, but ended the day 24 points, or 0.10 percent, lower at 22,642.75.
Market experts attributed the slight decline to profit-taking after the recent rally. Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd., highlighted the strong fundamentals but cautioned about stretched valuations and potential uncertainties ahead, such as rising crude prices and the US Federal Reserve’s stance on interest rates.
Looking ahead, technical analysts provided insights on the outlook for the Nifty 50 and Bank Nifty. Rupak De, Senior Technical Analyst at LKP Securities, pointed out bearish signals for the Nifty, while Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, highlighted the resilience of the Bank Nifty at higher levels.
In terms of stock recommendations, experts like Sumeet Bagadia, Shiju Koothupalakkal, and Drumil Vithlani suggested buying opportunities in stocks like Apollo Hospital, Aurobindo Pharma, EID-Parry (India), Mishra Dhatu Nigam, SBI Cards, and Petronet LNG. These recommendations were based on technical analysis and market conditions, with specific target prices and stop-loss levels provided for each stock.
Overall, the Indian stock market continues to show signs of strength and resilience, with experts advising investors to stay cautious and monitor key levels for potential buying or selling opportunities. As always, it is essential for investors to conduct thorough research and seek advice from certified experts before making any investment decisions.
