The broader market continued to lose momentum as most small and midcap indices closed in the red. The volatility indicator also jumped as traders were on their toes.
The 30-share pack Sensex climbed 145.29 points or 0.26 per cent to close at 55,582.58. Its broader peer NSE Nifty rose 33.95 points or 0.21 per cent to 16,563.05. Both indices scaled fresh highs.
“Metals outshined other indices backed by better quarterly earnings. Due to weaker-than-expected Chinese economic data and surge in virus outbreaks, global indices traded under pressure,” said Vinod Nair, Head of Research at Geojit Financial Services.
Market at a glance:
- Apex Frozen hits its 20 per cent lower circuit limit after a flop show in Q1
- Voda Idea plunges 6 per cent after reporting massive losses
- Tata Steel surges further 4 per cent as analysts raise targets
- India VIX, a barometer of volatility and fear, rises over 4 per cent
- Debut trade: Devyani up 36 per cent, Exxaro 10 per cent, Krsnaa 2 per cent and Windlas down 12 per cent
Among the bluechip names, Tata Steel was the top gainer, rising 3.67 per cent. Bajaj Finance, M&M, Britannia, Indian Oil, Bharat Petroleum, JSW Steel, Bajaj Finserv and Reliance Industries were other gainers.
Maruti Suzuki was the top loser in the Nifty pack, falling 2.60 per cent. Shree Cement, Eicher Motors, Power Grid, Bajaj Auto, SBI, UltraTech Cement and Coal India were others that ended in the red.
“The market is moving in the consolidation zone and any correction is a good opportunity to invest in the quality stocks.”
Broader market indices ended lower, underperforming their headline peers. Nifty Smallcap fell 0.83 per cent and Nifty Midcap declined 0.41 per cent. Nifty 500, the broadest index on NSE, ended down 0.04 per cent.
Sun Pharma Advanced Research, VIP Industries, IRB Infra Developers, Fortis Healthcare, REC and JSW Energy were top gainers from mid and smallcap indices, climbing in the range of 3-9 per cent.
Vodafone Idea, Crompton Greaves, TVS Motor, IOL Chemicals and Pharmaceuticals, Kaveri Seed Company and Dilip Buildcon were major losers from broader market space, falling in the range of 2-8 per cent.
The sectoral matrix on the NSE was mixed. Nifty Metal topped the charts, rising 1.29 per cent. It was followed by Nifty FMCG and Nifty Financial Services. Nifty Media was the top loser, down 1.54 per cent. Nifty PSU Bank and Nifty Auto were other losers.
Market breadth was in favour of losers as 1,166 stocks ended in the green, while 2,128 names settled with cuts. As many as 250 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 40 names hit 52-week lows, mostly from the microcap space. About 330 stocks hit upper circuit limits and 430 lower circuit limits.
European markets were trading lower. London-based FTSE was down 1 per cent while Paris and Frankfurt declined 0.92 per cent and 0.56 per cent, respectively. In Asia, barring Thailand and China, all markets ended in the red.
