Sensex, Nifty end flat in volatile trade; Delta Corp crashes 18%; IB Real Estate jumps 9%
BSE's Sensex added 14.54 points, or 0.02 per cent, to settle at 66,023.69. NSE's Nifty50 settled flat, inching up merely 0.30 points to end at 19,674.55 for the day.
- Sep 25, 2023,
- Updated Sep 25, 2023 4:23 PM IST
Domestic equity benchmarks settled flat on Monday in a highly volatile trade. Global factors weighed on the market sentiments and traders awaited a clearer picture of the inflation and interest rate cues. For the day, BSE's barometer Sensex added 14.54 points, or 0.02 per cent, to settle at 66,023.69. NSE's Nifty50 settled flat, inching up merely 0.30 points to end at 19,674.55. Broader markets outperformed the headline peers as BSE midcap smallcap indices settled with decent gains. Fear gauge India VIX jumped more than 2 per cent to 10.90-level. Markets snapped 4-session losses to eke out modest gains on selective buying in a lacklustre trading session. While markets were volatile in early trades, sluggish European and other Asian indices saw local gauges end on a flat note. Fresh uptick in US treasury yields is making investors jittery as FIIs continue to offload shares in local equities, said Shrikant Chouhan, Head of Research (Retail), Kotak Securities. "Technically, on daily charts the Nifty has formed a Doji candlestick formation, which is indicating incisiveness between the bulls and bears. However, a quick pullback rally is not ruled out from the current levels," he added. "For the bulls, the 50-day SMA or 19,600 would act as a key support zone. Above which, the market could move up till 19,800-19,850. On the flip side, a fresh sell off is possible only after the dismissal of 19,600, below which the index could slip till 19,525-19,500." Among the sectoral indices, the Nifty realty pack gained about 2 per cent, while the Nifty financial services index gained about a per cent. The consumer durable and private bank indices were other key gainers. The Nifty IT and media indices dropped about a per cent each, while the Nifty private bank and pharma indices also settled with significant cuts. In the later part of the session, the Index failed to hold higher levels and erased most of its gains. On a sector-wise performance, realty was the top gainer while IT and Media were the major laggards, said Aditya Gaggar, Director at Progressive Shares. In the Nifty50 pack, Bajaj Finance shares topped among the gainers and surged more than 4 per cent, while Tata Consumer Products gained more than 3 per cent for the day. Bajaj Finserv, Apollo Hospital Enterprises, Coal India, Grasim and Kotak Mahindra Bank rose 2 per cent each for the day. Among the losers, Hindalco cracked more than 2 per cent, followed by SBI Life Insurance Company and Hero MotoCorp also posting similar cuts. Infosys, Mahindra & Mahindra, Dr Reddy's Laboratories and Wipro shed more than a per cent each for the day. The day presented a mixed picture in the market, with sectors such as Realty, Banking, and Consumer Durables performing well while IT and Pharma struggled. Investors were actively repositioning, shifting away from stocks tied to the global economy and focusing on the domestic economy, said Vinod Nair, Head of Research at Geojit Financial Services. "Concerns loomed over a potential global economic slowdown due to the prolonged high interest rates. While the domestic market is witnessing good registration and consumption demand ahead of the festival season, India's entry into JP Morgan's Emerging Markets Government Bond Index is benefiting the financial sector in anticipation of a reduction in funding costs," he said. A total of 3,946 shares were traded on BSE on Monday, of which 1,893 settled with cuts. 1,880 stocks ended the session with gains while 173 shares remained unchanged. A total of 352 shares hit their upper circuit, whereas the 263 shares tested the lower circuit levels for the day. In the broader markets, Indian Metals and Ferro Alloys gained more than 10 per cent, while Indiabulls Real Estate and Hathway Cable & Datacom surged about 9 per cent. Wonderla Holidays, Likhita Infra, Oswal Greentech, IRB Infra Developers and Dalmia Bharat Sugar & Industries jumped 8 per cent each. Among the laggards, Delta Corp crashed more than 18 per cent after tax notice. Venus Pipes & Tubes cracked about 16 per cent, while EKI Energy Services was locked in a lower circuit of 10 per cent. Berger Paints and Hindustan Foods tumbled 8 per cent each for the day.
Domestic equity benchmarks settled flat on Monday in a highly volatile trade. Global factors weighed on the market sentiments and traders awaited a clearer picture of the inflation and interest rate cues. For the day, BSE's barometer Sensex added 14.54 points, or 0.02 per cent, to settle at 66,023.69. NSE's Nifty50 settled flat, inching up merely 0.30 points to end at 19,674.55. Broader markets outperformed the headline peers as BSE midcap smallcap indices settled with decent gains. Fear gauge India VIX jumped more than 2 per cent to 10.90-level. Markets snapped 4-session losses to eke out modest gains on selective buying in a lacklustre trading session. While markets were volatile in early trades, sluggish European and other Asian indices saw local gauges end on a flat note. Fresh uptick in US treasury yields is making investors jittery as FIIs continue to offload shares in local equities, said Shrikant Chouhan, Head of Research (Retail), Kotak Securities. "Technically, on daily charts the Nifty has formed a Doji candlestick formation, which is indicating incisiveness between the bulls and bears. However, a quick pullback rally is not ruled out from the current levels," he added. "For the bulls, the 50-day SMA or 19,600 would act as a key support zone. Above which, the market could move up till 19,800-19,850. On the flip side, a fresh sell off is possible only after the dismissal of 19,600, below which the index could slip till 19,525-19,500." Among the sectoral indices, the Nifty realty pack gained about 2 per cent, while the Nifty financial services index gained about a per cent. The consumer durable and private bank indices were other key gainers. The Nifty IT and media indices dropped about a per cent each, while the Nifty private bank and pharma indices also settled with significant cuts. In the later part of the session, the Index failed to hold higher levels and erased most of its gains. On a sector-wise performance, realty was the top gainer while IT and Media were the major laggards, said Aditya Gaggar, Director at Progressive Shares. In the Nifty50 pack, Bajaj Finance shares topped among the gainers and surged more than 4 per cent, while Tata Consumer Products gained more than 3 per cent for the day. Bajaj Finserv, Apollo Hospital Enterprises, Coal India, Grasim and Kotak Mahindra Bank rose 2 per cent each for the day. Among the losers, Hindalco cracked more than 2 per cent, followed by SBI Life Insurance Company and Hero MotoCorp also posting similar cuts. Infosys, Mahindra & Mahindra, Dr Reddy's Laboratories and Wipro shed more than a per cent each for the day. The day presented a mixed picture in the market, with sectors such as Realty, Banking, and Consumer Durables performing well while IT and Pharma struggled. Investors were actively repositioning, shifting away from stocks tied to the global economy and focusing on the domestic economy, said Vinod Nair, Head of Research at Geojit Financial Services. "Concerns loomed over a potential global economic slowdown due to the prolonged high interest rates. While the domestic market is witnessing good registration and consumption demand ahead of the festival season, India's entry into JP Morgan's Emerging Markets Government Bond Index is benefiting the financial sector in anticipation of a reduction in funding costs," he said. A total of 3,946 shares were traded on BSE on Monday, of which 1,893 settled with cuts. 1,880 stocks ended the session with gains while 173 shares remained unchanged. A total of 352 shares hit their upper circuit, whereas the 263 shares tested the lower circuit levels for the day. In the broader markets, Indian Metals and Ferro Alloys gained more than 10 per cent, while Indiabulls Real Estate and Hathway Cable & Datacom surged about 9 per cent. Wonderla Holidays, Likhita Infra, Oswal Greentech, IRB Infra Developers and Dalmia Bharat Sugar & Industries jumped 8 per cent each. Among the laggards, Delta Corp crashed more than 18 per cent after tax notice. Venus Pipes & Tubes cracked about 16 per cent, while EKI Energy Services was locked in a lower circuit of 10 per cent. Berger Paints and Hindustan Foods tumbled 8 per cent each for the day.