Sensex, Nifty End In Red; Midcaps & Smallcaps Outperform
The Indian equity markets witnessed some correction mirroring the global markets on Monday, September 13. However, some recovery was seen in the afternoon trade which led the BSE index to close down by 127.31 points at 58,177.76, and the Nifty-50 index closed lower by 13.95 points at 17,355.30.
Shares of Reliance Industries dragged the Sensex the most during the day's session as the stock dipped over two per cent post the company announced a delay in launch of their product (Jio phone) which was scheduled on September 10. ICICI Bank, HUL, and HDFC Bank were other top losere in the pack, declining about a per cent each. However, on the flipside, TCS, Bharti Airtel, and Bajaj Finserv closed being the top gainers as they advanced more than one per cent each.
Negating the volatility across the headline indices, the broader equity markets outperformed during the intraday session on Monday. The BSE Midcap index closed higher by 78 points, and the Smallcap index gained as much as 221 points in the day's trade. Shares of IRCTC and JSW Energy were the top newsmakers in the Midcap space, adding over four per cent each, while Cantabil Retail and Borosil gained about 20 per cent in the Smallcap space.
Sectorally, the IT sector outperformed amid volatility across the board. The Nifty IT index jumped over a per cent led by shares of Mindtree (+4.52 per cent), Oracle Fin services (+1.86 per cent), and TCS (+1.42 per cent). Auto, Pharma, FMCG, Metal, and Realty were other top gainers, while the Banks, Financials, and Energy stocks saw selling pressure.
Moving ahead, experts feel that markets have not lost the rally yet and there's more left in the markets and the overall trend remains bullish. However, a small consolidation may continue for a few sessions going ahead, experts pointed out.
Furthermore, tomorrow will be a packed day for the market participants as two companies Ami Organics and Vijaya Diagnostics will hit the exchanges tomorrow, while Sansera Engineering's Rs 1282 crore IPO will open for subscription tomorrow (September 14).
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