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Sensex, Nifty close flat; IT stocks lead gains

Sensex rose 14 points to 38,854 and Nifty ended 15 points higher at 11,464

twitter-logoBusinessToday.In | September 11, 2020 | Updated 17:42 IST
Sensex, Nifty close flat; IT stocks lead gains
Market was looking for cues after global equities were trading mildly lower amid rise in coronavirus cases and negligible signs of recovery in major economies from economic slowdown.

Benchmark  indices ended flat today after logging strong gains in the previous session. Sensex rose 14 points to 38,854 and Nifty ended 15 points higher at 11,464. On Thursday, Sensex climbed 646 points to 38,840 and Nifty gained 171 points to 11,449. Market was looking for cues after global equities were trading mildly lower amid rise in coronavirus cases and negligible signs of recovery in major economies from economic slowdown.

On the domestic front, lack of fresh buying triggers ahead of release of July industrial data led to muted market sentiment.

On a weekly basis, Sensex and Nifty gained 1.2% and 1.3%, respectively, after falling more than 2.6% last week.

SBI was the top  Sensex gainer, rising over 2 per cent, followed by TCS, Tech Mahindra, HUL, Bajaj Finance, Kotak Bank and Titan.

On the other hand, IndusInd Bank, PowerGrid, Bharti Airtel, Asian Paints and HDFC Bank were among the Sensex losers .

Aamar Deo Singh, Head Advisory at Angel Broking said, "India VIX has cooled off this week, which is a good sign, to end the week at 20.7, down 6.5% on a week on week basis. Overall, Nifty continues to trade with a positive bias, with support seen around the 11050-11100 zone whereas resistance is seen around 11650-11750 range."

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On a sectoral basis, IT and consumer durables indices rose 212 points and 200 points on BSE. Oil and gas index which was among the top gainers yesterday due to Reliance Industries' outperformance closed merely 15 points higher at 13,283. Midcap and small cap indices rose 84 points and 74 points higher, respectively.

"The markets remained cautious on adverse news-flows of COVID-19 vaccine trials, Sino-India geopolitical tensions and sell-off in US equities," said Sanjeev Zarbade, VP PCG Research, Kotak Securities.

Foreign portfolio investors sold equities worth $528 million over the past five trading sessions while domestic institutional investors sold $109 million worth of stocks, Zarbade stated.

"While the market is not in a bubble zone, we note that global cues (US markets on correction mode) have started to turn negative and FIIs have turned sellers along with domestic mutual funds," he added.

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On BSE, 107 stocks hit 52 week highs and 55 fell to 52 week lows.

107 stocks touch their upper circuit and 55 plunged to lower circuit.

Of 30 Sensex stocks, 20 ended in the red.  Market breadth was positive with 1375 stocks rising against 1301 falling on BSE. 196 stocks were unchanged.

Global markets

Dow futures were up 0.7%, while those for the S&P 500 were 0.8% higher. In Europe France's CAC 40 rose 0.1% to 5,030, while Germany's DAX was flat at 13,209. Britain's FTSE 100 climbed 0.3% to 6,023.

Japan's benchmark Nikkei 225 recouped early losses to rise 0.7% and finish at 23,406.49. South Korea's Kospi ended little changed at 2,396.69, while Australia's S&P/ASX 200 lost 0.8% to 5,859.40. Hong Kong's Hang Seng gained 0.8% to 24,503.31, while the Shanghai Composite rose 0.8% to 3,260.35.

Global oil benchmark Brent crude was trading 0.35 per cent lower at $39.92 per barrel.

In the forex market, the rupee depreciated 7 paise to close at 73.53 against the US dollar.

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