Weak PMI data released earlier on Tuesday did not help sentiments with profit taking seen across the metals space throughout the day. In the broader market, keen investor interest was witnessed in select pockets such as textiles and pharmaceuticals.
The 30-share pack Sensex declined 2.56 points to close at 51,934.88, having moved in a range of 420 points during the session. Its broader peer NSE Nifty dropped 7.95 points or 0.05 per cent to settle at 15,574.85.
“Despite positive global cues and optimism from declining fresh Covid cases, domestic bourses erased their early gains and traded flat owing to weak economic data. While upcoming RBI policy and a likely delay in the start of the monsoon season brought cautiousness to the momentum,” said Vinod Nair, Head of Research at Geojit Financial Services.
Market at a glance:
- Magma Fincorp hits 5% upper circuit after top management rejig
- Rupa Company jumps 20% after Jeremy Grantham picks stake
- Narayana Hrudalaya rallies 12% after manifold jump in Q4 profit
- Volatility gauge VIX rises nearly 3%
- Steel stocks continue to see profit booking as outlook changes
Among the blue-chip names, Adani Ports was the top gainer, rising 3.83 per cent. ONGC, Bajaj Finance, SBI, HDFC, Bajaj Auto, HUL, Tech Mahindra, Wipro and Divi’s Labs were among other gainers.
JSW Steel was the top loser in the Nifty pack, falling 2.24 per cent. Tata Steel, ICICI Bank, Asian Paints, UltraTech Cement, Grasim Industries, SBI Life Insurance and Hero MotoCorp were other stocks that ended in the red.
Broader market indices ended lower, underperforming their headline peers. Nifty Smallcap dropped 0.65 per cent and Nifty Midcap fell 0.10 per cent. Nifty 500, the broadest index on NSE, ended down 0.12 per cent.
Adani Total Gas, JSW Energy, Dalmia Bharat, Rossari Biotech, Fine organic and VIP Industries were top gainers from midcap and smallcap indices, climbing in the range of 3-8 per cent.
Tanla Platforms, Wockhardt Pharma, Hindustan Copper, SAIL, V-Guard and ICICI Securities were major losers from the broader market space, falling in the range of 3-5 per cent.
The sectoral matrix was mixed on NSE. Nifty Media was the biggest gainer, rising 0.32 per cent. It was followed by Nifty IT and Nifty Pharma. Nifty Private Bank was the biggest loser, down 0.93 per cent, followed by Nifty Metal and Nifty Bank.
“There’ll be no shortage of trading opportunities on the stock-specific front so traders should maintain their focus on identifying the sectors and stocks, and accumulate them on dips.”
Market breadth was in favour of gainers as 1,323 stocks ended in the green while 1,812 counters settled with cuts. As many as 294 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 29 scrips hit 52-week lows, mostly from the microcap space. About 390 stocks hit upper circuit limits and 245 lower circuit limits.
European markets were trading lower at the last count. London-based FTSE was up 1.20 per cent while Paris and Frankfurt rose 0.84 per cent and 1.43 per cent, respectively. In Asia, barring Japan, all markets ended with gains.
