Nifty, Sensex dip as market consolidates in final pre-budget session

The Indian benchmark indices ended lower for the second consecutive session on Monday weighed down by Reliance Industries and Wipro after both companies posted weaker-than-expected quarterly results,following selling in heavyweights as traders were cautious a day ahead of Union Budget announcements.
Nifty and Sensex ended the final trading session before the budget lower, with investors adopting a wait-and-watch approach ahead of the Union Budget on July 23.Domestic and foreign investors are keenly awaiting possible tweaks in long-term capital gains tax in the union budget on Tuesday, according to analysts.
At close, the Sensex was down 102.57 points or 0.13 percent at 80,502.08, and the Nifty was down 21.65 points or 0.09 percent at 24,509.25.On the back of weak global cues, the Indian indices opened lower and slipped below 24,400. However, they witnessed recovery in the initial hours but traded in the red throughout the session.
Grasim Industries, HDFC Bank, Dr Reddy's Labs, Tata Consumer and Infosys were the biggest gainers on the Nifty ,while losers included Wipro, Kotak Mahindra Bank, Reliance Industries, ITC and SBI Life Insurance.
On the sectoral front, auto, capital goods, healthcare, metal and power indices went up 1 percent each, while selling was seen in the media, bank, IT, realty and FMCG.The BSE midcap index added 1.3 percent and the smallcap index rose 0.8 percent.
Rupee Close:
On 22 July'24,the Indian rupee rises 3 paise to close at 83.67 against US dollar on Monday, as crude oil prices and the US dollar retreated from their elevated levels.Forex traders said the Indian rupee recovered from all-time low levels and traded in a narrow range as mixed-to-weak domestic markets put downside pressure on the rupee. However, weak tone in the US dollar and a decline in crude oil prices cushioned the downside.
Trading Guide:
Market experts have recommended buying these five buy-or-sell stocks- Kalyan Jewellers, Emami, HCL Tech, Ashok Leyland, and MFSL.

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)