FIRST TRADE (August 29, 2024): Sensex, Nifty break 10-day winning streak; Nifty holds on to 25,000 levels

Stock market news August 29: Indian equities tracking weak Asian markets started the expiry day on a subdued note, breaking 10-day of consistent gains. Nifty at the open was down 0.11 per cent or 28.4 points at 25,023.95, while the BSE 30-stock Sensex was down 0.05 per cent or 41.52 points at 81,744.04.

From the Nifty pack, top gainers included Bajaj Auto, Cipla, Hero MotoCorp, Shriram Finance and HUL, while the losers are Hindalco, Grasim Industries, UtraTech Cement, LTIMindtree and Coal India.

Sectorally, after a initial hiccup some of the sectors have begun to trade in the green, while others including IT, PSU Bank, metal and realty stocks continue to trade with selling pressure.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "Weak global cues and the consequent weak openings have proved to be opportunities to buy in the domestic market. This pattern may persist. A significant feature of the near-term market trend is that it is resilient and steadily moving up without sharp spurts thereby preventing a spike in valuations in the largecap category."

The recent accumulation of IT stocks stems from the confidence that the soft landing scenario in the US economy will lead to execution of the orders on which the IT companies have been sitting for some time now, he added.

Indigo shares after a block deal in the counter traded with a cut of 0.5 per cent as the floor price was pegged at a discount.

Meanwhile, Paytm shares traded over 2 per cent higher at Rs 551 as the company got approval from the Finance Ministry for downstream investment in subsidiary Paytm Payments Services. Paytm Payments Services to reapply for payment aggregator license

The Nifty is likely to trade between 24700-25500, with 25500 acting as a significant resistance level, added Prashanth Tapse, Senior VP (Research), Mehta Equities.

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FIRST TRADE (August 29, 2024): Sensex, Nifty break 10-day winning streak; Nifty holds on to 25,000 levels

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