Banking, Metal Stocks Drag Markets
The domestic equity markets traded on the sidelines for most of the session amid the expiry of derivative contracts and lack of any fresh positive triggers. The BSE Sensex ended lower by 286.91 points at 59,126.36, while the Nifty-50 index closed lower by 93.15 points at 17,618.15.
In the 30-share pack Sensex, 21 scrips slipped in the red, while only nine stocks advanced in the overall trading session on Thursday. Shares of Power Grid Corporation and Asian Paints were the top drags for the index as they fell over two percent each, mainly due to profit booking after a strong rally in the respective counters. Besides, banking stocks like SBI, ICICI Bank, Kotak Mahindra Bank, and Axis Bank also dragged the markets down, contributing a percent negatively.
However, on the flipside, heavyweight financial stocks witnessed buying interest in the afternoon trade. The Bajaj twins, Bajaj Finance and Bajaj Finserv were the top gainers of the Sensex, advancing over two percent each in the day's trade.
Sector-wise, barring Realty, PSU Bank, and Pharma, all other sectors saw heavy selling in the session. The Nifty IT and Metal indices closed lower about a percent each and dragged the markets lower. The Realty sector continued its upward momentum today as the index gained over a percent led by shares of Brigade Enterprises (+4.17 percent), Oberoi Realty(+3.17 percent).
In the upcoming sessions, markets might trade rangebound amid the absence of any fresh triggers and negative cues in the global markets. However, the earnings session in the coming months will be a major positive trigger as experts are expecting the earnings session to contribute majorly amid pent-up demand through the reopening of economic activities across the country.
However, the auto sector will be in focus as companies will release their sales numbers for the month of September from tomorrow.
Rahul Sharma, Co-founder, Equity99, said, "Markets are expected to fall further as it is in consolidation mode. Auto companies will be declaring their September sales numbers from tomorrow."
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