Market Trades With Mixed Gain; Nifty Ends Higher

The Indian stock market displayed mixed gains in the Monday trading session. The National Stock Exchange (NSE) Nifty 50 index ended 0.13 per cent higher at 24,572, however, the S&P Bombay Stock Exchange (BSE) Sensex settled flat at 80,424 levels on the closing bell.

Nifty Moves
In the Nifty 50 index, 30 stocks advanced in the positive territory, while 20 stocks ended in the red territory. Among the winners, Hindalco led with 3.89 per cent gain, while BPCL and Shriram Finance lost more than 3 per cent. Tata Steel also gained nearly 3 per cent followed by a 2 per cent gain in LTI Mindtree.

Among the losers, Mahindra and Mahindra shredded 2.65 per cent, while IndusInd Bank, Bajaj Auto, Axis Bank and SBI Life lost more than 1 per cent.

Analyst Note 
“Markets moved in a narrow range due to thin participation from traders on account of Raksha Bandhan, while selective buying in metals, oil and gas, and IT shares helped indices end mixed. Investors will be keenly watching the Jackson Hole Economic Symposium on Friday, as there are hopes that the Fed could set the stage for the first rate cut after last week's data on inflation which eased to 3 per cent,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

Sectoral Movement
In terms of sectoral performance, Nifty Bank ended 0.29 per cent lower and  Financial Services lost 0.23 per cent, while PSU Banks ended 1.2 per cent lower.

Metal surged nearly 2 per cent followed by 0.88 per cent gain in IT. Pharma and FMCG also ended in green. However, Auto ended 0.89 per cent lower. The more domestically focussed indices, Mid-cap gained 0.18 per cent, whereas Small-cap climbed 1.71 per cent.