BT50 Wednesday movers: ONGC, Adani Ports, Adani Enterprises, Coal India outperform ahead of F&O expiry

Benchmark equity indices pared their day's gains in the last hour of trade on Wednesday ahead of monthly derivatives contracts expiry on Thursday amid mixed global cues. Before closing 323.34 points, or 0.55 per cent, down at 58340.99, the 30-share BSE Sensex shuttled between a high and low of 58,968.12 and 58,143.44, respectively. Likewise, the 50-share Nifty index settled 88.30 points, or 0.50 per cent, lower at 17,415.05.
 
Overall, market breadth stood in favour of bears as 34 stocks in the Business Today top 50 list ended the day in the red. With a fall of 3.93 per cent, Pidilite Industries emerged as the major loser. It was followed by Maruti Suzuki (down 2.77 per cent), Infosys (down 2.69 per cent), Divi's Laboratories (down 2.17 per cent) and ITC (down 1.90 per cent).
 
On the other hand, ONGC, Adani Ports, Adani Enterprises, Coal India, Hindustan Zinc and NTPC gained between 1.27 per cent and 4.26 per cent. Shares of Coal India hogged the momentum after the state-owned said that its board will meet on November 29, 2021 to consider and approve payment of interim dividend for 2021 -22.
 
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BT50 stocks are the top players from the BT500 universe. These players are ranked based on the gain in their 12-month average market capitalisation between October 2020 and September 2021 against the same period a year ago.
 
Ajit Mishra, VP-research, Religare Broking said, "The news of the COVID-19 situation worsening globally has started weighing on the sentiment along with the inflation fear. And since there's no major event on the domestic front, markets will continue to take cues from global counterparts. At the same time, the scheduled monthly expiry would keep the traders busy on Thursday."
 
Sectorwise, the BSE Information Technology declined the most 1.24 per cent. Auto, TECk, Capital Goods, FMCG, Energy and Consumer Durables also lost over 0.50 per cent. However, the BSE Oil & Gas (up 0.78 per cent), Bankex (up 0.53 per cent) and Telecom (up 0.10 per cent) managed to settle the day in the green.
 
Vinod Nair, head of research, Geojit Financial Services said, "Domestic indices edged lower in today's tumultuous session amid mixed sentiments across global peers. Despite surging inflation, the Eurozone business activity jumped to 55.8 in November from 54.2 in October, instilling hope in investors."

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