Sensex up 94 points, Nifty settles below 20k; TCS, Infosys rise up to 3%; BPCL & NPTC falls 4%
BSE's barometer Sensex gained 94.05 points, or 0.14 per cent, to settle at 67,221.13, while NSE's Nifty50 shed 3.15 points, or 0.02 per cent, to end at 19,993.20 for the day.
- Sep 12, 2023,
- Updated Sep 12, 2023 4:37 PM IST
Domestic benchmark indices settled on a mixed note on Tuesday as Sensex rose but Nifty50 eased slightly after hitting 20,100-mark. However, broader markets plunged sharply over severe profit booking. Feeble global cues weighed on the market sentiments for the day. For the day, BSE's barometer Sensex gained 94.05 points, or 0.14 per cent, to settle at 67,221.13, while NSE's Nifty50 shed 3.15 points, or 0.02 per cent, to end at 19,993.20. Broader markets tanked sharply as BSE midcap index plunged about 3 per cent, while smallcap index plunged about 4 per cent. Fear gauge India VIX spiked more than 3 per cent to 11.69-level. Markets showed first signs of cooling off after seven straight sessions of gains as key indices ended mixed in a session marked with volatility in early trades but turned range-bound thereafter, said Shrikant Chouhan, Head of Research (Retail), Kotak Securities. "Sluggishness in other Asian and European gauges also prompted investors to take a cautious route and resort to selective profit-taking. The medium-term texture of the market is still positive, but in the near future we could see a range bound activity. 19,900-19,850 could be the key support levels while 20,100-20,150 could be the immediate resistance areas for the bulls," he said. On a sectoral front, the Nifty media index cracked more than 4 per cent, while the Nifty realty, metal and oil & gas indices tumbled 3 per cent each. The Nifty PSU bank, consumer durable and auto indices shed 2 per cent each. Among the gainers, the Nifty IT index added more than a per cent, while the Nifty pharma index was the only other gainer. Bears were seen back in action. After the record opening at 20,100 by the Nifty50, a complete reversal was seen to trade lower. On the sectoral front, Media and Realty were the major laggards. Nifty50 has made a bearish candlestick pattern with a bearish divergence in RSI which indicates minor correction and consolidation going forward, said Aditya Gaggar, Director at Progressive Shares In the Nifty50 pack, Tata Consultancy Services surged about 3 per cent, while Larsen & Toubro and Infosys gained about 2 per cent each. Ultratech Cement, Dr Reddy's Laboratories, Divis Laboratories and ICICI Bank gained more than a per cent each at the close. Among the losers, Bharat Petroleum and NTPC plunged 4 per cent each. Power Grid, Adani Enterprises, Coal India and Adani Ports tumbled 3 per cent each. Apollo Hospital Enterprises, Tata Motors, UPL, Eicher Motors, Tata Steel and Reliance Industries settled 2 per cent down each. The level of pessimism has risen in the stock market leading to a precautionary approach to book profits on a notion that the valuation has extended beyond the rationale, said Vinod Nair, Head of Research at Geojit Financial Services. "The correction is happening on midcaps while large caps are maintaining their strength. This cautious trend can prevail in the short-term, but the end-game is on the rise of the domestic economy, surprising upside in corporate earnings, and change in domestic investment patterns, which is expected to continue on a long-term basis," he said. A total of 3,805 shares were traded on BSE on Tuesday, of which 2,934 settled with cuts. 745 stocks ended the session with cuts while 126 shares remained unchanged. A total of 218 shares hit their upper circuit, whereas 378 shares tested the lower circuit levels for the day. In the broader markets, Texmaco Rail & Engineering dropped as much as 15 per cent, while State Trading Corporation of India plunged more than 14 per cent. Jindal Saw crashed 13 per cent, while Alok Industries tanked 12 per cent. Heritage Foods, BEML, Cochin Shipyard, Jaiprakash Power Ventures and Pokarna tanked 11 per cent each for the day. On the contrary, ITI gained more than 11 per cent, while Cantabil Retail India gained more than 5 per cent. Indoco Remedies declined 5 per cent and Sintex Plastic Technology, Jagsonpal Pharma, Suven Lifesciences, Sigachi Industries and Rane (Madras) rose 4 per cent each for the day.
Disclaimer: Under no circumstances should any person at this platform make trading decisions based solely on the information discussed herein. You should consult a qualified broker or other financial advisor prior to making any actual investment or trading decisions. All information is for educational and informational use only. Business Today does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same.
Also read: L&T, PowerGrid, Jupiter Wagons, HFCL, other stocks to watch on September 12, 2023
Domestic benchmark indices settled on a mixed note on Tuesday as Sensex rose but Nifty50 eased slightly after hitting 20,100-mark. However, broader markets plunged sharply over severe profit booking. Feeble global cues weighed on the market sentiments for the day. For the day, BSE's barometer Sensex gained 94.05 points, or 0.14 per cent, to settle at 67,221.13, while NSE's Nifty50 shed 3.15 points, or 0.02 per cent, to end at 19,993.20. Broader markets tanked sharply as BSE midcap index plunged about 3 per cent, while smallcap index plunged about 4 per cent. Fear gauge India VIX spiked more than 3 per cent to 11.69-level. Markets showed first signs of cooling off after seven straight sessions of gains as key indices ended mixed in a session marked with volatility in early trades but turned range-bound thereafter, said Shrikant Chouhan, Head of Research (Retail), Kotak Securities. "Sluggishness in other Asian and European gauges also prompted investors to take a cautious route and resort to selective profit-taking. The medium-term texture of the market is still positive, but in the near future we could see a range bound activity. 19,900-19,850 could be the key support levels while 20,100-20,150 could be the immediate resistance areas for the bulls," he said. On a sectoral front, the Nifty media index cracked more than 4 per cent, while the Nifty realty, metal and oil & gas indices tumbled 3 per cent each. The Nifty PSU bank, consumer durable and auto indices shed 2 per cent each. Among the gainers, the Nifty IT index added more than a per cent, while the Nifty pharma index was the only other gainer. Bears were seen back in action. After the record opening at 20,100 by the Nifty50, a complete reversal was seen to trade lower. On the sectoral front, Media and Realty were the major laggards. Nifty50 has made a bearish candlestick pattern with a bearish divergence in RSI which indicates minor correction and consolidation going forward, said Aditya Gaggar, Director at Progressive Shares In the Nifty50 pack, Tata Consultancy Services surged about 3 per cent, while Larsen & Toubro and Infosys gained about 2 per cent each. Ultratech Cement, Dr Reddy's Laboratories, Divis Laboratories and ICICI Bank gained more than a per cent each at the close. Among the losers, Bharat Petroleum and NTPC plunged 4 per cent each. Power Grid, Adani Enterprises, Coal India and Adani Ports tumbled 3 per cent each. Apollo Hospital Enterprises, Tata Motors, UPL, Eicher Motors, Tata Steel and Reliance Industries settled 2 per cent down each. The level of pessimism has risen in the stock market leading to a precautionary approach to book profits on a notion that the valuation has extended beyond the rationale, said Vinod Nair, Head of Research at Geojit Financial Services. "The correction is happening on midcaps while large caps are maintaining their strength. This cautious trend can prevail in the short-term, but the end-game is on the rise of the domestic economy, surprising upside in corporate earnings, and change in domestic investment patterns, which is expected to continue on a long-term basis," he said. A total of 3,805 shares were traded on BSE on Tuesday, of which 2,934 settled with cuts. 745 stocks ended the session with cuts while 126 shares remained unchanged. A total of 218 shares hit their upper circuit, whereas 378 shares tested the lower circuit levels for the day. In the broader markets, Texmaco Rail & Engineering dropped as much as 15 per cent, while State Trading Corporation of India plunged more than 14 per cent. Jindal Saw crashed 13 per cent, while Alok Industries tanked 12 per cent. Heritage Foods, BEML, Cochin Shipyard, Jaiprakash Power Ventures and Pokarna tanked 11 per cent each for the day. On the contrary, ITI gained more than 11 per cent, while Cantabil Retail India gained more than 5 per cent. Indoco Remedies declined 5 per cent and Sintex Plastic Technology, Jagsonpal Pharma, Suven Lifesciences, Sigachi Industries and Rane (Madras) rose 4 per cent each for the day.
Disclaimer: Under no circumstances should any person at this platform make trading decisions based solely on the information discussed herein. You should consult a qualified broker or other financial advisor prior to making any actual investment or trading decisions. All information is for educational and informational use only. Business Today does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same.
Also read: L&T, PowerGrid, Jupiter Wagons, HFCL, other stocks to watch on September 12, 2023