Market Trades Sluggish On Thursday On Global Weakness
In the Nifty50 index, 21 stocks advance in the positive territory and 28 stocks end in the red territory, while Britannia remains unchanged
The Indian stock market traded with a dull momentum in the Thursday trading session after the global market weakness weighed the domestic market. As the Union budget left with disappointment, the market seeks new cues.
The National Stock Exchange (NSE) Nifty 50 index ended almost flat at 24,406 whereas the S&P Bombay Stock Exchange (BSE) Sensex settled 109 points or 0.14 per cent lower at 80,039 levels on the closing bell.
Nifty Moves
In the Nifty50 index, 21 stocks advanced in the positive territory and 28 stocks ended in the red territory, while Britannia remained unchanged.
Among the winners, Tata Motors closed on the record-high after the global brokerage firm Nomura upgraded the rating. ONGC gained more than 5 per cent, while SBI Life and BPCL ended more than 3 per cent higher.
Among the losers, Axis Bank lost more than 5 per cent as its corporate earnings flagged asset quality concerns. Nestle, Titan and ICICI Bank shredded more than 2 per cent.
Analyst Note
“Overnight slump in US equities caused a major slump in domestic markets in early trades due to heavy profit-taking in banking, IT, metals and realty stocks. However, markets recouped most of its losses towards the end with Sensex managing to close above the crucial 80,000 mark amid buying in oil and gas and automobile stocks, indicating that investors are willing to bet on good fundamental sectoral stocks despite rising concerns of the stretched valuations of the Indian markets,” said Prashanth Tapse, Senior Research Analyst, Mehta Equities.
Sectoral Movement
In terms of sectoral performance, Nifty Bank and Financial Services remained muted and lost 0.83 per cent and 0.5 per cent respectively, while PSU Banks fell 0.58 per cent.
Metal lost more than 1 per cent followed by dip in Nifty Realty, IT and FMCG. Nifty Oil and Gas rose more than 2 per cent followed by more than 1 per cent gain in Auto. Pharma also closed with nearly 1 per cent gain.
The more domestically focussed indices, Mid-cap and Small cap also ended lower 0.23 per cent and 0.27 per cent respectively.
