Stock Market Closing: After a positive start to the week, the Indian stock market witnessed intraday volatility of 573.4 points. However, in the end Sensex closed with a slight improvement of 17.39 points and Nifty closed with a fall of 33.15 points. Investors have suffered a capital loss of Rs 2.85 lakh crore due to the market turmoil.
PSU banks and finance stocks suffered major losses after RBI released a draft on strict monitoring of under-construction infrastructure projects besides tightening lending norms. As a result the market was trading from green zone to red zone. The S&P BSE PSU index closed down 2.91 per cent and the energy index closed down 1.93 per cent. Apart from this, consumer durables stocks and smallcap stocks were also sold higher.
Kotak Mahindra top gainer
Various brokerage houses have upgraded Kotak Mahindra Bank after it released positive financial results. As a result, Kotak Mahindra was the top Sensex gainer today with a rise of 5.01 per cent. Apart from this, shares of TCS, Hindustan Unilever, M&M, Sun Pharma, Tech Mahindra and IndusInd Bank rose by 1 to 2.50 percent. Whereas Titan shares fell by 7.18 percent, SBI by 2.86 percent, NTPC by 2.31 percent.
The market will remain within a limited range
Market experts are hopeful that the stock market may remain in a limited range till the election results are announced. Technically, 22600 is a very important level for Nifty. Which is necessary to maintain for speed. 22300-22250 is the support level.
