Now Reading: Nifty falls 0.27%, experts bet on IT and auto stocks
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Nifty falls 0.27%, experts bet on IT and auto stocks
The Nifty 50 fell 0.27% on 7 August, closing at 24,570.65, dragged by financial stocks after the RBI proposed curbs on NBFC revolving credit. The Sensex dropped 0.59% to 78,491.02. Auto and…
The Story in Brief
The Nifty 50 fell 0.27% on 7 August, closing at 24,570.65, dragged by financial stocks after the RBI proposed curbs on NBFC revolving credit. The Sensex dropped 0.59% to 78,491.02. Auto and IT indices gained over 1% each, offsetting losses in financial services and private banks. India VIX rose 1.7% to 12.37, signalling caution. Broader market was balanced, with 1,685 stocks advancing and 1,664 declining.
Analysts remain positive on select stocks. Sumeet Bagadia of Choice Broking recommends buying Grasim Industries, Fortis Healthcare, and BEML. Raja Venkatraman of NeoTrader picks Grasim Industries, LTM, and Granules India. MarketSmith India suggests Hindalco Industries and Waterways Leisure Tourism. Key support for Nifty is at 24,300-24,370; resistance at 24,700-24,750.
The Indian Opinion
The cheer around IT and auto gains conceals a worrying trend: the RBI's draft NBFC rules and Middle East tensions created a one-day sell-off that wiped out two days of gains. The media narrative focuses on 'bulls returning' or 'expert picks,' but the real story is the narrow breadth, only two sectors drove the rally. Watch whether the Nifty holds 24,300 in the coming week; a break below would confirm the consolidation is a correction, not a pause.
Sources (3): livemint.com, livemint.com (2), livemint.com (3)
This story was synthesised by AI from the 3 sources linked above.
