Election Rally Pauses As Global Concerns Ahead; Nifty, Sensex In Red
In the Nifty50 index, 30 stocks advance with gains, while 20 stocks end in the red territory
The Indian stock market remained tepid in the Monday trading session despite the successful formation of the new government as the US rate concern weighed.
The National Stock Exchange (NSE) Nifty 50 index ended 0.13 per cent lower at 23,529 whereas the S&P Bombay Stock Exchange (BSE) Sensex also settled lower at 76,490 levels with more than 200 points or 0.27 per cent loss on the closing bell.
Nifty Moves
In the Nifty50 index, 30 stocks advanced with gains, while 20 stocks ended in the red territory.
Ultra Tech Cement topped the index with 3.47 per cent gain, followed by more than 2 per cent gain in Grasim Industries, Hero Motocorp, Cipla and Power Grid. Nestle, NTPC, HDFC Life and Axis Bank also traded more than 1 per cent higher.
Conversely, in the laggards segment, Tech Mahindra and Infosys slipped more than 2 per cent. Wipro also lost nearly 2 per cent, while Mahindra and Mahindra lost 1.75 per cent.
Analyst Note
“Volatility returned to markets, as Sensex slipped from its new high and fell sharply towards the close amid profit-taking in IT, metals and oil & gas stocks. Lacklustre sentiment also prevailed due to weak global cues after recent data from the US indicated that rate cut may not happen soon,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
However, with the Budget round the corner, stock and sector-specific action could be seen going ahead in hopes of tax sops or duty cuts, added Tapse.
Sectoral Movement
In terms of sectoral performance, Pharma surged 1 per cent, while FMCG ended with 0.7 per cent gain. Nifty Realty jumped 1.32 per cent, while IT slipped 1.83 per cent.
Auto remained flat and Metal lost .38 per cent. Banks and Finance also shredded with slight losses.
The more domestically focussed indices, mid-cap remained almost flat with 0.08 per cent, whereas Small cap climbed 1.51 per cent.
