Sensex gyrates 277 pts in choppy trade, ends 86 pts higher; Nifty tops 18,300

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Sensex, Nfity50, Stock market news, India VIX, Nifty

NEW DELHI: Benchmark indices managed to end in the green on Monday despite selling pressure due to rising inflation that threatens monetary tightening and surging Covid-19 cases that may result in harsher curbs.

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Auto stocks shined in a flat trading session on the back of price hikes, thrust on electric vehicles and ETF launches in the sector as the basket of stocks posted smart gains. The broader markets witnessed profit-taking in pharma stocks with investor interest seen in footwear stocks

The 30-share pack Sensex rose 85.88 points or 0.14 per cent to close at 61,308.91. The index gyrated in a range of 277 points. Its broader peer NSE Nifty added 52.35 points or 0.29 per cent to 18,308.10.

Global Tech News Daily

“In a week guided by the release of various corporate earnings, domestic indices edged higher on a flat note led by consumer durables, energy and auto stocks. Rising covid cases globally continue to colour investor sentiments,” said Vinod Nair, Head of Research at Geojit Financial Services.

Market at a glance:

  • Metro Brands spikes 20 per cent after strong Q3 earnings
  • UltraTech Cement ends 3 per cent higher after Q3 show
  • Vedanta loses 3 per cent as it explores investment in Saudi mineral sector
  • Lupin skids 1 per cent as failed FDA specifications lead to recalls of 2 drugs
  • Hero Moto jumps 5 per cent after co approves investment in Ather Energy
Global Tech News Daily

Among the bluechip names, Hero MotoCorp was the top gainer, rising 5.11 per cent. Grasim Industries, ONGC, Tata Motors, UltraTech Cement, JSW Steel and Marutio Suzuki were other gainers.

HCL Tech was the top loser in the Nifty pack, falling 5.73 per cent. HDFC Bank, Cipla, Axis Bank, Britannia Industries, Tech Mahindra, Power Grid and Coal India were other stocks that ended in the red.

Broader market indices ended higher, and outperformed their headline peers. Nifty Smallcap index rose 0.60 per cent and Nifty Midcap added 0.16 per cent. Nifty 500, the broadest index on NSE, ended up 0.32 per cent.

“Markets are currently witnessing time-wise correction and are likely to resume the trend soon. We reiterate our preference for IT, metal, realty and pharma pack while banking may see further consolidation.”

— Ajit Mishra, Religare Broking

Apollo Tyres, Exide Industries, LIC Housing Finance, MMTC, KPIT Tech and Intellect Design were top gainers from mid and smallcap indices, climbing in the range of 3-10 per cent.

Granules India, Tanla Platforms, Dilip Buildcon, Dr Pathlabs, National Aluminium and Laurus Labs were major losers from broader market space, falling in the range of 2-8 per cent.

The sectoral matrix on the NSE was mixed. Nifty Auto index was the biggest gainer, up 2.05 per cent followed by Nifty Realty that gained 1.28 per cent. Nifty Pharma index was the biggest loser, down 0.73 per cent. Nifty Private Bank and Nifty Bank indices also ended in the red.

Market breadth was in favour of gainers as 2,297 stocks ended in the green, while 1,308 names settled with cuts. As many as 521 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 9 names hit 52-week lows, mostly from the microcap space. About 760 stocks hit upper circuit limits and 310 lower circuit limits.

European markets were trading higher. London-based FTSE rose 0.71 per cent while Paris and Frankfurt advanced 0.73 per cent and 0.44 per cent, respectively. In Asia, Hang Seng, South Korea and Indonesia ended in the red while the rest of the market ended in the green.

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