Benchmark indices Nifty and Sensex extended their losses for the second consecutive trading session as investors adopted a cautious stance just a day before the presentation of the Union Budget 2024.
At around 9:30 am, the Sensex was down by 0.26 percent at 80,395, while the Nifty declined by 0.23 percent to 24,473. Market breadth indicated a bearish sentiment with 1,324 shares advancing, 1,704 shares declining, and 170 shares remaining unchanged.
Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, commented on the market's current phase, stating, "The market is in a consolidation phase as the indices have recovered very well from the low of the election results. If there are any negative surprises, the market can get into prolonged consolidation and is expected to trade around the 24,000 mark."
Bathini also noted that if the budget meets expectations, the market might aim for the 25,000 level in the coming days.
Among individual stocks, Wipro experienced the sharpest decline on the Nifty. Despite a 4.6 percent rise in net profit to Rs 3,003 crore, the IT company's April-June consolidated revenue fell by 3.8 percent to Rs 21,964 crore, leading to a drop in its share price.
The banking sector was under scrutiny as HDFC Bank and Kotak Mahindra Bank announced their Q1 results over the weekend.
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