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BT50 Monday movers: Power Grid, Adani Enterprises, ONGC among top gainers

BT50 Monday movers: Power Grid, Adani Enterprises, ONGC among top gainers

As many as 21 stocks in the Business Today Top 50 list settled the day in the green.

The 30-share index Sensex closed 32 points, or 0.05 per cent, up at 60718.71, while the 50-share Nifty settled 6.70 points, or 0.04 per cent up at 18,109.45 The 30-share index Sensex closed 32 points, or 0.05 per cent, up at 60718.71, while the 50-share Nifty settled 6.70 points, or 0.04 per cent up at 18,109.45

Benchmark equity indices, BSE Sensex and NSE Nifty50, pared most of their initial gains to end flat on account of selling in select index heavyweights including Reliance Industries, Tata Steel and ICICI Bank. Overall market sentiments remained cautious on Dalal Street amid weak macroeconomic data.

The 30-share index Sensex closed 32 points, or 0.05 per cent, up at 60718.71, while the 50-share Nifty settled 6.70 points, or 0.04 per cent up at 18,109.45.

As many as 21 stocks in the Business Today Top 50 list settled the day in the green. With a rally of 3.13 per cent, Power Grid emerged as the top gainer in the list. It was followed by Adani Enterprises (up 2.63 per cent), ONGC (up 2.46 per cent), ITC (2.25 per cent) and Britannia Industries (up 1.52 per cent).

Power Grid last week posted 9.12 per cent year-on-year growth in net profit at Rs 3,376.38 crore for the quarter ended September 30. Brokerage ICICI Direct is positive on Power Grid with a target price of Rs 220.

Likewise, ONGC got a boost after the company on Friday posted over 300 per cent YoY rise in net profit at Rs 18,055 crore for the quarter ended September. Edelweiss Securities is positive on ONGC with a target price of Rs 184.

On the other hand, Coal India, Adani Transmission, Tata Steel, SBI Life Insurance and JSW Steel dipped 4.34 per cent, 3.89 per cent, 3.32 per cent, 1.46 per cent and 1.35 per cent, respectively.

Commenting on Monday's market movement, Vinod Nair, head of research, Geojit Financial Services said, "Domestic market was trading with a negative bias, between gains and losses, tracking volatile global markets and in the wake of domestic inflation data."

Owing to the rise in prices of crude petroleum and manufactured products, India's WPI in October spiked to 12.54 per cent from 10.66 per cent in September. On the contrary, China's Industrial output growth accelerated to 3.5 per cent YoY despite fresh COVID-19 restrictions and supply shortages, thereby easing concerns over a global economic slowdown.

"Buying interest in consumer durables and healthcare stocks outweighed bleeding metals and PSU banks to end the day's trading session on a flat note," Nair added.

Among the sectoral indices on BSE, the Healthcare index gained the most 2.09 per cent. FMCG, Consumer Durables, Information Technology and Power also advanced between 0.30 per cent and 0.80 per cent. However, Metal, Telecom and Energy indices declined between 0.45 per cent and 2.50 per cent.

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