Market Continues Sluggish Rally; Nifty, Sensex End With Marginal Gains
In the Nifty 50 index, 25 stocks advance in the positive territory and 23 stocks end in the red territory, while Hindalco and Britannia end flat
The Indian stock market continued its winning streak in the Thursday trading session despite foreign institutional investors (FIIs) selling.
The National Stock Exchange (NSE) Nifty 50 index ended 0.29 per cent higher at 24,770, however the S&P Bombay Stock Exchange (BSE) Sensex settled 102 points higher at 80,905 levels on the closing bell.
Nifty Moves
In the Nifty 50 index, 25 stocks advanced in the positive territory and 23 stocks ended in the red territory, while Hindalco and Britannia ended flat.
Among the winners Grasim Industries led with 2.62 per cent gain, followed by 2.4 per cent gain in Tata Consumers. Bharti Airtel, Tata Steel, ICICI Bank, Titan Apollo Hospitals and Asian Paints ended more than 1 per cent higher.
Among the losers, Tata Motors shredded 1.54 per cent, while Wipro lost 1.4 per cent. NTPC, M&M, Dr Reddy, TCS and ONGC lost more than 1 per cent.
Analyst Note
“The winning streak continued in the markets, but buying remained steady due to absence of any fresh euphoria while FIIs offloading shares has been hurting the sentiment. Investors are waiting for the outcome of the Fed chair's speech at the Jackson Hole meeting on Friday, which could provide some indication on whether the Fed would announce a rate cut next month,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Sectoral Movement
In terms of sectoral performance, Nifty Bank ended 0.59 per cent higher and Financial Services gained 0.45 per cent, while PSU Banks ended 0.67 per cent higher.
Metal climbed nearly 0.67 per cent followed by 0.47 per cent gain in Realty. FMCG also gained 0.62 per cent, however, Auto, Pharma and IT ended in red territory.
The more domestically focussed indices, Mid-cap gained 0.69 per cent, whereas Small-cap climbed 0.17 per cent.
