Market Ends In Green On Thursday; Metals, Pvt Banks Rally

The Indian stock market traded with positive gains in the Thursday trading session as the majority of indices ended in the green zone. Private Banks and Metals displayed robust gains in the trading session.

The National Stock Exchange (NSE) Nifty 50 index ended 0.22 per cent higher at 23,567 whereas the S&P Bombay Stock Exchange (BSE) Sensex settled higher with 141 points at 77,478 levels on the closing bell. 

Nifty Moves

In the Nifty50 index, 27 stocks including Metals and Banks advanced with gains, while 23 stocks ended in the red territory.

Hindalco and Grasim Industries topped the index with more than 2 per cent gains. BPCL, JSW Steel also gained nearly 2 per cent, while Kotak Mahindra Bank, ICICI Bank and Axis Bank traded more than 1 per cent higher.

In the laggard segment, Hero Motocorp shredded the most with 2.53 per cent loss. Sun Pharma dipped 2.19 per cent after US FDA issued a warning letter against its Dadra facility. Mahindra and Mahindra also lost more than 2 per cent. 

Analyst Note

“Markets were a bit volatile in early trades but settled in positive territory to move in a range-bound manner thereafter as investors resorted to stock-specific selection after witnessing record-breaking spree over past few sessions. Also, US indices were closed on Wednesday, and hence domestic investors were cautiously optimistic,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

Sectoral Movement

In terms of sectoral performance, Nifty Bank climbed 0.75 per cent lifted by private banks, conversely PSU Banks dipped 0.2 per cent. However, IT and FMCG remained flat.

Metal and Nifty Realty surged 1.82 per cent and 2 per cent followed by 0.38 per cent gain in Nifty Energy. Pharma and Auto on the other hand lost half a per cent each.

The more domestically focussed indices, mid-cap surged nearly 1 per cent, whereas Small cap gained 0.61 per cent.