Sensex, Nifty slip from the peak, as volatility index jumps above 15

Our Bureau. Mumbai | Updated on September 17, 2021

Metals, PSU Bank stocks drag the most amid profit-booking

Benchmark indices, after scaling record highs in the morning session, were trading flat during the afternoon onFriday amid profit-booking.

The volatility index rose 7.12 per cent to 15.44 signalling the uneasiness of traders.

Market opened on a positive note despite weak global cues, gaining momentum on the back of easy liquidity with sustained foreign fund inflows during the early trade.

The market lost momentum during the afternoon with profit-booking across counters, especially metals and PSU Bank stocks.

At 1 pm, the BSE Sensex which recorded a fresh lifetime high of 59,737.32, was trading at59,219.847, up 8.68 points or 0.13 per cent. It hit an intraday low of 59,091.73. The Nifty 50 was trading at 17,632.25, up 2.75 points or 0.02 per cent, after recoding a fresh high of 17,792.95. It recorded an intraday low of 17,587.80.

Kotak Bank, Bajaj Finserv, Bajaj Finance, Maruti and Nestle India were the top gainers on th Nifty 50 while Tat Steel, Coal India, JSW Steel, State Bank of India and ONGC were the toplaggards.

PSU Bank stocks gained focus on Friday as the Centre has proposed a ₹30,600-crore back-stop to extend as guarantees to the Security Receipts to be issued by National AssetReconstruction Company Ltd (NARCL), or the so-called “bad bank,” which will be valid for five years.

State Bank of India had witnessed a lifetime high of  ₹471.90. It was trading 2.31 per cent lower on the NSE amid profit-booking.

IT, financial services gains

On the sectoral front, a majority of indices were in the red. While IT and financial services sustained marginal gains, bank stocks, metals, realty, pharma and oil & gas stocksdragged.

Nifty IT was up 0.21 per cent while Nifty Financial Services was up 0.20 per cent.

Meanwhile, Nifty PSU Bank was down 3.32 per cent. Nifty metal was down 2.95 per cent. Nifty Bank and Nifty Private Bank were trading 0.40 per cent and 0.50 per cent lower,respectively. Nifty Pharma and Nifty Healthcare Index were down 0.71 per cent and 0.74 per cent, respectively Nifty Realty was down 1.81 per cent while Nifty Oil & Gas was down 0.82 per cent.

Broader indices

Broader indices were also in the red as midcaps and smallcaps also witnessed selling pressure.

Nifty Midcap 50 was down 1.43 per cent while Nifty Smallcap 50 was down 0.79 per cent.

The S&P BSE Midcap was down 1.15 per cent while the S&P BSE Smallcap was down 1.44 per cent.

Published on September 17, 2021

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