Sensex, Nifty End Flat Amid Volatility, Metals and PSBs Outperform
The Indian equity markets remained mainly subdued dragged by global peers and worries of economic downturn as projected by several rating agencies. However, the indices recouped from its day's low point in the closing trade as PSU Banks and Metals backed the BSE Sensex to close lower by just 85.40 at 51,849.48, while the Nifty-50 index closed up by 1.30 points at 15,576.20.
Likhita Chepa of CapitalVia Global Research, said, "Moody's Investors Service forecasted 9.3% growth in India's GDP in the current fiscal year, which ends in March 2022, and 7.9% in FY23 which kept the market sentiments subdued."
The 30-share Sensex witnessed gains in 13 scrips and losses in 17 scrips on Wednesday, June 2. Shares of ITC and Tech Mahindra were the top losers of Sensex, falling nearly two per cent each in the day's trade. Axis Bank and Kotak Mahindra also joined the losers party from the banking space as they shed over a per cent each.
Countering the losses, the PSU Bank, Metal, and Auto Sector gained over three, two, and one per cent respectively in the day's trade. Shares of Central Bank (+8.89 per cent) and PNB (+5.64 per cent) were the top gainers in the PSU Bank space.
Among the individuals, Motherson Sumi was the top newsmaker in the Auto sector as the stock jumped over 13 per cent and marked a record high of Rs 272.85 post the company announced its Q4 earnings. The company's consolidated profit was higher by 289 per cent at Rs 714 crore.
The BSE Midcap and Smallcap indices also gained over a per cent each in the day's trade amid a selloff in the blue chips. Adani Enterprises and Muthoot Finance gained over nine and seven per cent respectively in the Midcap space, while Century Enka and Black Rose Industries surged 20 per cent each among the Smallcaps.
In the overall market breadth, around 2101 shares advanced, and 951 shares declined at market closing.
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