Stocks

Sensex, Nifty end flat; IT stocks gain

BL Internet Desk | Updated on September 11, 2020 Published on September 11, 2020

Foreign portfolio investors sold equities worth USD 528 million over the past five trading sessions while domestic institutional investors sold USD 109 million worth of stocks

Domestic equity benchmarks Sensex and Nifty ended on a flat note on Friday amid lack of fresh buying triggers and mixed global cues.

The 30-share BSE Sensex ended 14.23 points or 0.04 per cent higher at 38,854.55.

The broader NSE Nifty rose 15.20 points or 0.13 per cent to close at 11,464.45.

SBI was the top gainer in the Sensex pack, spurting over 2 per cent, followed by TCS, Tech Mahindra, HUL, Bajaj Finance, Kotak Bank and Titan.

On the other hand, IndusInd Bank, PowerGrid, Bharti Airtel, Asian Paints and HDFC Bank were among the laggards.

The markets remained cautious on adverse news-flows of Covid-19 vaccine trials, Sino-India geopolitical tensions and sell-off in US equities, said Sanjeev Zarbade, VP PCG Research, Kotak Securities.

During the talks between External Affairs Minister S Jaishankar and his Chinese counterpart Wang Yi on Thursday evening, India and China agreed on a five-point roadmap including quick disengagement of troops and avoiding any action that could escalate tensions for resolving the four-month-long face-off in eastern Ladakh.

Foreign portfolio investors sold equities worth USD 528 million over the past five trading sessions while domestic institutional investors sold USD 109 million worth of stocks, Zarbade stated.

“While the market is not in a bubble zone, we note that global cues (US markets on correction mode) have started to turn negative and FIIs have turned sellers along with domestic mutual funds,” he added.

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Published on September 11, 2020
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