Media stocks were in the limelight after a flurry of shareholder activism brightened their prospects. Banks also saw buying but metals and FMCG names were under selling pressure.
The 30-share pack Sensex rose 69.33 points or 0.12 per cent to close at 58,247.09. The index traded in a range of 270 points. Its broader peer NSE Nifty climbed 24.70 points or 0.14 per cent to 17,380.
“Despite a bullish opening, domestic indices closed flat with a positive bias amid mixed sentiments among global peers. India’s retail inflation softened to 5.3 per cent in August, staying within RBI’s comfort zone which was led by lower food inflation. Global markets traded cautiously ahead of the US consumer price index to be released today,” said Vinod Nair, Head of Research at Geojit Financial Services.
Market at a glance:
- soars 40 per cent after Invesco seeks removal of MD
- Zomato investors shrug off the resignation of its co-founder
- Dish TV continues to see traction, climbs further 10 per cent
- IPO watch: Sansera Engineering IPO subscribed 44 per cent
- India VIX, a barometer of volatility and fear, falls 3 per cent
Among the bluechip names, IndusInd Bank was the top gainer, rising 3.93 per cent. HCL Tech, Hero MotoCorps, Adani Ports, Tata Motors, Bajaj Auto, L&T, Tech Mahindra and Kotak Mahindra Bank were other gainers.
UltraTech Cement was the top loser in the Nifty pack, falling 1.13 per cent. HDFC, Nestle India, Bharat Petroleum, Tata Steel, HUL, Bajaj Finserv and Bajaj Finance were others that ended in the red.
Broader market indices ended higher outperforming their headline peers. Nifty Smallcap added 0.29 per cent and Nifty Midcap rose 1.35 per cent. Nifty 500, the broadest index on NSE, ended up 0.35 per cent.
“Traders should keep a watch on the development in banks and we reiterate to have a thematic approach and be fussy in stock selection.”
TV18 Broadcast, BEML, IOL Chemicals and Pharmaceuticals, IRCTC, Escorts and Bharat Heavy Electricals were top gainers from mid and smallcap indices, climbing in the range of 5-10 per cent.
IDFC, Caplin Point Laboratories, National Aluminium, Concor, Endurance Technologies and AU Small Finance Bank were major losers from broader market space, falling in the range of 1-4 per cent.
The sectoral matrix on the NSE was mixed. Nifty Media was the biggest gainer, up 14.40 per cent. Nifty Private Bank and Nifty Auto were other gainers. Nifty Metal was the biggest loser, down 0.50 per cent. Nifty FMCG and Nifty Financial Services were among others that fell.
Market breadth was in favour of gainers as 1,934 stocks ended in the green, while 1,309 names settled with cuts. As many as 256 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 27 names hit 52-week lows, mostly from the microcap space. About 395 stocks hit upper circuit limits and 175 lower circuit limits.
European markets were trading mixed. London-based FTSE was down 0.28 per cent while Paris and Frankfurt declined 0.53 per cent and rose 0.11 per cent, respectively. In Asia, Hong Kong, Taiwan, Thailand and China ended in the red while others registered gains.
