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Benchmark indices were trading lower with marginal losses during the afternoon on Thursday, dragged by financials, pharma and consumer durables.
Market started on a flat note, following weak global cues and extended losses in the first half. FMCG gained focus.
At 1 pm, the BSE Sensex was trading at 58,168.11, down 82.15 points or 0.14 per cent. It hit an intraday high of 58,314.49 and a low of 58,084.99. The Nifty 50 was trading near its intraday high of 17,369.15 at 17,326.30, down 27.20 points or 0.16 per cent. It hit an intraday low of 17,302.70.
ONGC, Nestle India, Tata Motors, Bharti Airtel and ITC were the top gainers on the Nifty 50 while SBI Life, Axis Bank, Ultratech Cement, Divi’s Lab and Titan were the top laggards.
Gaurav Garg, Head of Research CapitalVia Global Research said, “Indian benchmark had started today with flat note trading around level of 17350.”
Garg market received support from the US Federal Reserve Chairs’ commentary about the increased pace of vaccination and controlled Covid-19 infections in the second half of the month.
“There will be some cautiousness with a report by India Ratings and Research stating that India Inc resorted to salary cuts to protect their profits in the June quarter,” added Garg.
According to Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, “Globally markets have taken a breather from the risk-on mode. India is likely to follow suit. FIIs are back to selling mode. An important trend is Bank Nifty gathering strength. Jio Phone Next launch tomorrow will be keenly watched by the market.
FMCG in focus
On the sectoral front, a majority of indices were in the red. While financials, barring PSU Bank pharma, realty and consumer durables dragged, FMCG stocks gained focus. Metals also gained.
Nifty Bank was down 0.38 per cent while Nifty Financial Services was down 0.44 per cent. Nifty Pharma and Nifty Healthcare Index were down 0.45 per cent each. Nifty Realty was trading 0.88 per cent lower. Nifty Consumer Durables was down 0.41 per cent.
Meanwhile, Nifty FMCG was up 0.64 per cent. Nifty Metal and Nifty PSU Bank were trading 0.22 per cent and 0.24 per cent higher, respectively.
Broader indices
As for broader indices, midcaps faced pressure while smallcaps managed to retain gains.
Nifty Midcap 50 was down 0.07 per cent while Nifty Smallcap 50 was up 0.35 per cent. The S&P BSE Midcap was up 0.11 per cent while the S&P BSE Smallcap was up 0.32 per cent.
The volatility index softened 1.26 per cent to 14.23.
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