Sensex slips below 66k; Nifty settled at 19,795; PSU insurers rally up to 20%; GMDC & SpiceJet fall 6%

Domestic equity markets continued to end flat, with marginal fall for another trading session. Headline indices were range-bound throughout the day amid the mixed global cues. However, rate hike path and action in the US market after a day's hiatus will guide action in the near-term.

For the day, BSE's Sensex dropped only 47.77 points, or 0.07 per cent, to end at 65,970.04. NSE's Nifty50 shed merely 7.30 points, or 0.04 per cent, to end the day at 19,794.70. Broader markets outperformed the headline indices as BSE midcap and smallcap indices settled in green. Fear gauge rose about marginally to 11.33-mark.
 
Markets consolidated in a range for yet another session and ended unchanged.  After the flat start, Nifty oscillated in a narrow band till the end and finally settled at 19794.70 levels. Meanwhile, mixed trends on the sectoral front kept the traders busy wherein pharma, metal and banking ended in the green, said Ajit Mishra, SVP - Technical Research at Religare Broking.

"It is a healthy consolidation in the Nifty so far and we feel only a decisive gap-up move above 19,850 could pave the way for a new high else range bound bias would continue. Participants should keep a close watch on the US markets and the performance of the banking majors for cues. Meanwhile, stay selective and avoid contrarian trades" he said.

On a sectoral front, the Nifty IT index dropped more than a per cent, while the Nifty FMCG, PSU Bank, consumer durables and oil & gas indices also settled in red. Among the gainers, the Nifty metal, healthcare and pharma indices gained about a per cent each for the day.

In the Nifty50 pack, Wipro, Apollo Hospitals Enterprise, HCL Technologies and Tata Consultancy Services shed about 2 per cent, while Britannia Industries, UPL, Tech Mahindra and ONGC shed over a per cent each. Among the gainers, Adani Enterprises gained over 3 per cent, while Cipla and Divis Laboratories added 2 per cent each.

A total of 3,814 shares were traded on BSE on Friday, of which 1,876 settled with cuts. 1,802 stocks ended the session with gains while 136 shares remained unchanged. During the day, 304 shares hit their upper circuit, whereas 197 shares tested the lower circuit levels for the day.

In the broader markets, The New India Assurance Company hit an upper circuit of 20 per cent, while General Insurance Corporation of India surged about 17 per cent. Edelweiss Financial Services gained 13 per cent, while 5Paisa Capital was up 11 per cent for the day. Life Insurance Corporation rose 10 per cent for the day.

On the downside, Gujarat Themis Biosyn, Prataap Snacks and CP Power tanked 7 per cent each, while SpiceJet and Gujarat Mineral Development Corporation shed 6 per cent each. Apollo Micro Systems and DB Realty shed 5 per cent each for the day.

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