Stocks

Sensex up 100 points intraday, Nifty above 15,700

Our Bureau Mumbai | Updated on July 02, 2021

People look at a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai (file photo)   -  REUTERS

IT, metals under pressure

Benchmark indices were trading with marginal gains during the afternoon on Friday, led by pharma and financials.

Market, after trading in the flat-to-negative territory during the first half owing to mixed global cues and lack of domestic triggers, managed to eke out marginal gains, dragged by IT and Metals.

The BSE Sensex was ruling near the day’s high of 52,436.83 at 52,419.08, up 100 points or 0.19 per cent. It hit an intraday low of 52,177.68. The Nifty 50 was trading at 15,705.25, up 25.25 points or 0.16 per cent. It hit an intraday high of 15,711.35 and a low of 15,635.95.

Also read: The Nifty call: Go long with stop-loss at 15,650

Adani Ports, UPL, Divi’s Lab, ICICI Bank and Tata Chemicals were the top gainers on the Nifty 50 while Tata Steel, Britannia, JSW Steel, TCS and PowerGrid were the top laggards.

According to Likhita Chepa, Senior Research Analyst, CapitalVia Global Research Ltd, losses in power, utilities, metal, and IT companies contributed to the weakness in the market during the morning trade.

Market sentiments remained negative as the Reserve Bank of India (RBI) released its Financial Stability Report (FSR), which stated that the gross non-performing assets (GNPAs) percentage of banks could climb to 9.8 per cent by March 2022 from 7.48 per cent in March 2021 under a baseline scenario.

“On Thursday, the S&P 500 (US) set a new all-time closing high, as the new quarter and second half of the year opened with positive economic data and a broad-based rise. However, Asian markets were trading mostly in red following the negative sentiments in the market,” said Chepa.

IT, Metals under pressure

On the sectoral front, financials, pharma and realty were able to retain gains while IT, metals and FMCG stocks faced pressure.

Nifty IT was down 0.59 per cent while Nifty Metal was down 0.55 per cent. Nifty FMCG was down 0.31 per cent.

Also read: Sensex, Nifty trade flat note amid weak global cues

Nifty Bank and Nifty Financial Services were up 0.58 per cent and 0.42 per cent, respectively. Nifty Private Bank was up 0.48 per cent while Nifty PSU Bank was up 0.56 per cent. Nifty Realty was up 0.85 per cent.

Broader indices outperform

Broader indices managed to outperform the benchmarks with small-cap stocks extending gains.

Nifty Mid-cap 50 was up 0.27 per cent while Nifty Small-cap 50 was up 1.13 per cent.

The volatility index was down 3.95 per cent to 12.33.

Published on July 02, 2021

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