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Benchmark indices, though off the day’s low, were in the red on Monday afternoon, dragged by banking and financials.
Market opened on a negative note, after BJP’s defeat in West Bengal assembly elections. Concerns related to the Covid-19 situation continue to impact the investor sentiment.
The BSE Sensex after hitting day's low at 48,028.37 in the opening session is currently ruling at 48,539.72, down 242.64 or 0.50 per cent. It hit an intra-day high of 48,613.29.
The Nifty 50 was at 14,572.05, down 59.05 or 0.4 per cent. It hit an intra-day high of 14,594.40 and an intra-day low of 14,416.25.
Adani Ports, SBI Life, Maruti, Hindustan Unilever and Bajaj Auto were the top gainers on Nifty 50 while Titan, Axis Bank, Reliance, IndusInd Bank and State Bank of India were the top losers.
One positive note was that the GST collection for April, despite localised lock-downs, hit an all-time high of ₹1.41 lakh crore.
FMCG gains led by Marico
On the Sectoral front, Nifty FMCG managed to gain in an otherwise volatile market, led by Marico. The Nifty FMCG was up 1.10 per cent.
Marico hit fresh highs on Monday on the back of its Q4 results. The company posted a consolidated net profit of ₹227 crore in the fourth quarter ended March 31, a 14.07 per cent increase over the fourth quarter of FY20. It had posted a consolidated net profit of ₹199 crore in the corresponding quarter of the previous fiscal.
Marico’s India business delivered its highest-ever quarterly volume growth of 25 per cent, the company said in a statement. It hit a fresh 52-week high of ₹454.00 on the NSE.
Metal stocks also recorded gains with Nifty Metal up 1.04 per cent.
Meanwhile, banking and financials lagged behind. Nifty Bank was down 1.50 per cent while Nifty Financial Services was down 0.84 per cent.
Nifty Private Bank was down 1.53 per cent while Nifty PSU Bank was down 1.33 per cent.
Broader indices
As for broader indices, Smallcap stocks managed to outperform while Midcap stocks underperformed the benchmark indices.
Nifty Midcap 50 was down 1.08 per cent while Nifty Smallcap 50 was up 0.33. The S&P BSE Midcap index was down 0.37 per cent while the S&P BSE Smallcap index was up 1.18 per cent.
The volatility index was up 0.92 per cent to 23.24.
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