Bulls Remain Quiet As Bank, Metal Weigh; Nifty Closes Flat
In the Nifty50 index, 23 stocks advance in the positive territory and 26 stocks end in the red territory, while Power Grid remains unchanged
The Indian stock market experienced a dull trading session on Monday as the majority of the sectoral indices remained under the selling pressure. As the corporate earnings season begins, quarterly updates from blue chips disappointed the investors.
The National Stock Exchange (NSE) Nifty 50 index ended flat at 24,320 whereas the S&P Bombay Stock Exchange (BSE) Sensex settled 40 points lower at 79,956 levels on the closing bell.
Nifty Moves
In the Nifty50 index, 23 stocks advanced in the positive territory and 26 stocks ended in the red territory, while Power Grid remained unchanged.
Among the winners, ONGC topped the index with 3.8 per cent gain followed by 2.29 per cent gain in ITC. HDFC Life surged more than 2 per cent, while Hindustan Unilever and Wipro gained more than 1 per cent.
Among the losers, Divis Lab and Titan shredded more than 3 per cent followed by more than 2 per cent loss in Shriram Finance and Adani Ports.
Analyst Note
“Due to lack of any fresh trigger, markets witnessed a range-bound session throughout the day and ended marginally weak owing to select profit-taking in banking, telecom and realty shares. Weak Asian cues also weighed on sentiment, while stretched valuations could see investors maintain caution for sometime,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Sectoral Movement
In terms of sectoral performance, Nifty Bank fell nearly half a per cent, whereas Financial Services fell 0.23 per cent. Further, PSU Banks also plummeted 1.6 per cent.
Metal fell nearly 1 per cent and Auto fell nearly half a per cent, Pharma also shredded 0.63 per cent. However, FMCG gained 1.63 per cent, while IT traded with negligible gains.
The more domestically focussed indices, Mid-cap and Small cap also remained dull throughout the session and ended 0.35 per cent and 0.17 per cent lower.
