Stocks

Sensex, Nifty end flat, dragged by financials

Our Bureau Mumbai | Updated on September 09, 2021

FMCG, metals were in focus

Despite global markets witnessing profit-booking, domestic benchmark indices managed to end flat in a range-bound trading session on Thursday.

The market opened on a flat note, tracking weak global cues and traded in a narrow range through the day. Indices recovered in the second half as IT stocks rebounded. FMCG and Metals gained focus while financials came under pressure.

The BSE Sensex closed at 58,305.07,up 54.81 points or 0.09 per cent. It hit an intraday high of 58,334.59 and a low of 58,084.99. The Nifty 50 closed near the day’s high of 17,379.65, at 17,369.25, up 15.75 points or 0.09 per cent. It hit an intraday low of 17,302.70.

Breadth remains positive

The breadth of the market remained positive with 1,844 stocks advancing on the BSE, as compared to 1,345 stocks that declined, while 161 remained unchanged. Furthermore, 363 stocks hit the upper circuit as compared to the 168 stocks that were locked in the lower circuit. Besides, 196 stocks touched a 52-week high level and 23 touched a 52-week low.

Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, "There is a slight risk-off mode in global markets during the last few days and this has impacted the bullish sentiments in India too. Many experts feel that there can be a correction in the large-caps that have been leading the recent rally. So, part of the fresh money is now moving into new areas like PSU banks. But this is likely to be a short-term trend."

ONGC, Bharti Airtel, Nestle India, Hindalco and Grasim were the top gainers on the Nifty 50 while SBI Life, HDFC Life, Titan, Ultratech Cement and Bajaj Auto were the losers.

Binod Modi, Head Strategy at Reliance Securities, said, “Domestic benchmark indices traded in rangebound today and continued to oscillate between minor gains and losses. Metals, IT and FMCG witnessed rebound today, while financials (excluding PSU Banks), pharma and realty witnessed profit booking.”

FMCG, metals in focus

On the sectoral front, financials, barring PSU Bank, pharma and realty dragged, FMCG and metals gained. Oil & gas stocks also edged up.

Nifty Bank was down 0.23 per cent at closing while Nifty Financial Services was down 0.26 per cent. Nifty Pharma and Nifty Healthcare Index were down 0.14 per cent and 0.21 per cent, respectively. Nifty Realty was trading 0.74 per cent lower.

Meanwhile, Nifty FMCG and Nifty Metal closed 0.78 per cent higher, each. Nifty PSU Bank closed 0.27 per cent higher while Nifty Oil & Gas was up 0.21 per cent.

Broader indices

Broader indices closed in the green outperforming the benchmarks.

Nifty Midcap 50 was up 0.27 per cent while Nifty Smallcap 50 was up 0.60 per cent. The S&P BSE Midcap was up 0.56 per cent while the S&P BSE Smallcap was up 0.52 per cent.

The volatility index softened 3.24 per cent to 13.94.

Published on September 09, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

You May Also Like