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Stock Market Update: Market Ends Flat, Sensex at 58,305, Nifty at 17,357

On NSE, ONGC, Bharti Airtel, Nestle India, Hindalco, Grasim were the top gainers

On NSE, ONGC, Bharti Airtel, Nestle India, Hindalco, Grasim were the top gainers

Stock Market Update: Many experts feel that there can be a correction in the large caps that have been leading the rally this year

The BSE Benchmark Sensex on Thursday closed in green at 58,305, up 54.81 points, or 0.09 per cent. On the other hand, the broader Nifty was trading at 17,357.35, up 3.85 points, up 0.02 per cent. On NSE, ONGC, Bharti Airtel, Nestle India, Hindalco, Grasim were the top gainers while SBI Life, HDFC Life, Ultra Cement, Titan and Bajaj Auto were among the laggards. On NSE, 30 shares advanced while 20 shared declined keeping the market breadth positive. However, On BSE, 17 shares advanced and 13 shares declined. The market volatility gauge VIX was down 3.24 per cent at 13.94 points.

On BSE, Apcotex Industries, UCO Bank, Caplin Laboratories were the top gainers. On the flip side,  Welspun India, KEI Industries and Arman Financial Services were the worst performers.

“Domestic markets were highly volatile tracking negative cues from global markets amidst selling seen in realty and pharma stocks. However, mid and small-cap stocks continued to attract buyers leading to its outperformance. Regulatory crackdown in China, global concerns over the looming reduction in asset purchases ahead of the European Central Bank meeting and slowdown in economic recovery pulled global markets lower," Vinod Nair, head of research at Geojit Financial Services said.

Sectorally, On NSE, Nifty Media was the top performer with gain of over 3 per cent, on the other hand, Nifty Bank, Nifty Financial Services, Nifty Pharama, Nifty Realty all ended in the negative territory. On BSE, BSE Midcap ended 0.56 per cent higher and the smallcap index clocked a gain of 0.52 per cent.

“There is slight risk-off mode in global markets during the last few days and this has impacted the bullish sentiments in India too. Many experts feel that there can be a correction in the large caps that have been leading the rally this year. So part of the fresh money is now moving into new areas like PSU banks. But this is likely to be a short-term trend,” Dr. V K Vijayakumar, chief investment strategist at Geojit Financial Services said.

Indian markets after touching all-time highs now seems to be correcting as it is the fourth consecutive day when the markets opened flat and ended flat. Taking mixed global cues, Indian market also opened in the red. Apart from the US Stock market, Asian stock market also opened lowered factoring in the report by US Fed, the beige book which said that the US economy is downshifting slightly in the summer. In Asia, Hong Kong’s the Hang Seng Index  dropped 0.93 per cent, the Shanghai Composite slipped 0.23 per cent,  Tokyo’s benchmark Nikkei 225 index was down 0.69 per cent, while the broader Topix index slipped 0.60 per cent. However, The S&P500 index fell 5.96 points , the Dow Jones Industrial Average fell 68.93 points, or 0.2 per cent, to 35,031.07, and the Nasdaq composite slid 87.69 points, or 0.6 per cent, to 2,249.73. The tech-heavy index’s decline ended a four-day winning streak.

However, in early trade, the Indian market opened in the red, following the mixed global cues. The benchmark BSE Sensex opened at 58,184, down 65.62 points, or 0.11 per cent. On the other hand broader Nifty was down 20.55 points, or 0.12 per cent at 17,332.

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first published:September 09, 2021, 15:42 IST