The sectoral indices showed mixed trend. Nifty Metal, Pharma, Realty and Auto indices were down 0.3-0.7 percent while FMCG and IT gained 1 percent and 0.6 percent, respectively.
The market ended its volatile session on a flat note amid escalated trade conflicts between the United States and China, and ahead of expiry of June futures & options contracts later this week.
TCS, HDFC, ITC and Infosys helped the market close in the green while Reliance Industries and Tata Motors capped gains.
The 30-share BSE Sensex rose 19.69 points to 35,490.04 while the 50-share NSE Nifty gained 6.70 points at 10,769.20 but failed to hold the 10,800-mark.
“The escalating global trade tensions between US and other major economies could keep the Indian markets choppy and volatile in the coming sessions,” Jayant Manglik, President, Religare Broking.
The progress of monsoon and movement of crude oil prices & currency (INR vs USD) will also be closely monitored by the market participants, he said.
He further said investors’ focus should remain on quality stocks with strong financials and bright prospects. However, traders should remain cautious and strictly hedge their positions, he added.
The broader market indices continued to underperform frontliners with NSE Midcap and BSE Smallcap indices closing lower by 0.2 percent & 0.6 percent, respectively. More than two shares declined for every share rising on the BSE.
More than 300 stocks on the BSE hit a fresh 52-week low which include Force Motors, CARE Ratings, Century Textiles, UPL, Finolex Industries, Kajaria Ceramics, ICICI Securities, Tata Motors, NTPC, Aban Offshore etc.
he sectoral indices showed mixed trend. Nifty Metal, Pharma, Realty and Auto indices were down 0.3-0.7 percent while FMCG and IT gained 1 percent and 0.6 percent, respectively.
TCS, HDFC, Grasim, Maruti Suzuki, ITC, Asian Paints, Bharti Airtel and UltraTech Cement rallied 1-3 percent followed by Infosys (up 0.4 percent).
Tata Motors was the biggest loser among Nifty50 stocks, falling more than 4 percent. Reliance Industries extended losses, falling 2.5 percent while Bajaj Finance, Bajaj Finserv, Eicher Motors, Tata Steel and Cipla were down 1-2 percent.
IDBI Bank fell over 6 percent. Government sources told CNBC-TV18 that the government is not keen to sell its stake in the bank to private banks
Info Edge share price rallied more than 3 percent after the company through special purpose vehicle picked up 9 percent stake in Etechaces that owns PolicyBazaar and PaisaBazzar.
V-Guard, Adani Power, Syndicate Bank, Future Consumer, Future Retail, Future Lifestyle, Jaiprakash Associates, Gati, Delta Corp, Indiabulls Real Estate and Nalco among others slipped up to 7 percent.
United Spirits, Bata, Voltas, Tata Global, Jubilant Foodworks, Dabur India, IGL, Petronet LNG, Hexaware, NIIT Technologies, Tata Elxsi and Avanti Feeds gained up to 16 percent.
On the global front, Asian markets closed mostly lower but recovered from day’s lows, following weak trade on the Wall Street due to escalated trade dispute between the US and China.
European stocks rebounded after a sell-off seen in the previous session due to trade concerns. France’s CAC, Germany’s DAX and Britain’s FTSE traded half a percent higher at the time of writing this article.
Brent crude futures were flat at $74.74 a barrel. Canadian production losses and uncertainty over Libyan exports supported the oil prices but expected OPEC supply and ongoing trade conflicts capped upside.
