Market WRAP: Nifty, Sensex end flat; PSU Banks and metals outperform, IT slips
About 1,280 stocks are advancing while 695 stocks are declining, thus indicating strength in the broader market.
Market update at 3.30 PM: The benchmark indices NSE Nifty 50 and BSE Sensex 30 have closed on a flat note on a volatile day. NSE Nifty 50 index recovered about 100 points from its day’s low to close at 18,700 levels. The broader market outperformed the largecap indices as Nifty Midcap and Nifty Smallcap rose 0.25 per cent and 0.43 per cent respectively.
The PSU Banks and metals were the star performers as the indices rose nearly 2 per cent. IT along with FMCG remained weak.
From the Nifty 50 index, Hindalco, Tata Steel and UPL emerged as the top gainers while Apollo Hospitals, Tata Motors and Reliance Industries were the top losers.
The benchmark indices recovered towards the end and shows good buying interest at lower levels. Meanwhile, the global cues shall continue to be in focus.
Market update at 11.20 AM: The broader market is trading mixed amid volatility. NSE Nifty 50 index has slipped 0.30 per cent and BSE Sensex has lost 200 points while Nifty midcap and Nifty Smallcap indices have surged 0.40 per cent and 0.62 per cent respectively.
The PSU Banks and metals have seen fresh buying interest while IT and energy appear weak.
About 1,280 stocks are advancing while 695 stocks are declining, thus indicating strength in the broader market.
Stocks that have their hit fresh 52-week high levels are AB Capital, BHEL, Britannia Industries, Cummins India, IDFC First Bank, PFC, Supreme Industries and Tube Investments of India.
Nifty 50 has seen about 40 points recovery from 18,600 level and thus, this level shall act as important support level in near term.
Market update at 9.30 AM: Indices have been trading lower at the start of the session. NSE Nifty 50 and BSE Sensex have slipped marginally while strong buying is seen in the broader market.
Metal index is up over 1 per cent while FMCG and energy stocks remain under pressure. Meanwhile, India VIX has surged over 3 per cent.
Pre-market update: The Wall Street indices ended on a mixed note on Friday after US jobs data suggested that the Fed is likely to continue on its path to raise interest rates. Nasdaq slipped marginally by 0.12 per cent while Dow Jones gained 35 points. The Asian markets are trading mildly higher and trends on SGX Nifty indicate a gain of 30 points.
OPEC+ decided to cut oil supplies by 2 million barrels per day amid COVID concerns in China and lack of global demand. Oil prices rose on Monday and Brent crude oil currently trades at USD 87 per barrel.
In the last trading session, the FIIs bought shares worth Rs 214 crore while the DIIs sold to the tune of Rs 712 crore.
Nifty is expected to open positively and price action at higher levels shall be closely watched.