Stock-specific move in focus as Sensex, Nifty consolidate

Stock-specific move in focus as Sensex, Nifty consolidate

NEW DELHI: Late buying in banking and IT names helped benchmark indices stage a recovery after falling from highs on Friday as they continued to consolidate in a range amid weak global cues and better-than-expected Q3 earnings.

Foreign institutional buying has been the mainstay of the rally in the Indian markets, and they are yet to get tired keeping indices afloat at record levels. Hence, analysts believe all dips can be bought into.

The 30-share pack Sensex added 12.78 points or 0.02 per cent to close at 51,544.30. The index traded in a wide range of 550 points throughout the day. Its broader peer NSE Nifty dipped 10 points or 0.07 per cent to 15,163.30.

“Risk appetite trickled down and equities pared gains with several cities across the globe entering fresh lockdowns. Oil’s winning streak was also broken following IEA’s bleaker demand outlook. Indian equities were in the green in the first half with Bank Nifty rising over 1 per cent, but VIX rose in the second half, and traders opted to cut down long bets across sectors, going into the weekend,” said Anand James, Chief Market Strategist at Geojit Financial Services.

Market at a glance

  • ITC falls 4% after Q3 results; analysts have mixed views
  • Volatility barometer India VIX takes a dive, falls 4%
  • Metal stocks lose sheen; Nifty Metal ends down 2%
  • Ashok Leyland plunges 5% after reporting Q3 loss
  • Motherson Sumi surges 10% after nearly three-fold jump in Q3 profit

Among the bluechip counters, Adani Ports was the top gainer, rising 3.31 per cent. ICICI Bank, Infosys, Axis Bank, Wipro, HDFC, HDFC Bank, SBI, Bajaj Finserv and Grasim Industries were other gainers.
ITC was the top loser in the Nifty pack for the second day, falling 3.86 per cent. GAIL, ONGC, Sun Pharma, Coal India, Tata Steel, Titan, Bharti Airtel, Eicher Motors and Hindalco were others that ended in the red.

Broader market indices ended mixed, mostly underperforming their headline peers. Nifty Smallcap added 0.19 per cent and Nifty Midcap fell 0.23 per cent. Nifty 500 — the broadest index on NSE — slipped 0.04 per cent.

Adani Enterprises, IRCTC, Dalmia Bharat, CanFin Homes, Affle India and MCX were top gainers from the mid- and small-cap indices, climbing in the range of 5-8 per cent.

Ashok Leyland, Vodafone Idea, Hudco, Dixon Technologies, Wockhardt Pharma and NBCC were major losers from broader market space, falling in the range of 3-5 per cent.

The sectoral matrix on NSE was mixed. Nifty Bank was the top gainer, up 1 per cent, followed by Nifty Private Bank and Nifty Financial Service. Nifty Metal was the top loser, down 1.7 per cent, Nifty FMCG and Nifty Pharma were others that ended in the red.

Market breadth was in favour of losers as 1,439 stocks ended in the green, while 1,532 scrips settled with cuts. As many as 301 securities hit 52-week highs, mostly from the small-cap space. Meanwhile, 36 scrips hit 52-week lows, mostly from the microcap space. About 350 stocks hit upper circuit limits and 225 lower circuit limits.

European markets were trading on a mixed note at the last count. London-based FTSE was down 0.01 per cent while Paris and Frankfurt fell 0.01 per cent and 0.59 per cent, respectively. In Asia, most major markets were closed due to holidays.

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