The domestic benchmark indices gyrated between gains and losses to finally end the volatile session near the flatline on Monday as investors preferred to book profits amid a lackluster start for the European markets and possible weak opening for US peers ahead of the start of the earnings season there.
BSE barometer Sensex was off to a firm start in early trade but succumbed to pressure in the afternoon session amid losses in HDFC duo, Infosys, and TCS. It settled lower for the third day straight, down 14 points at 52,372 after swinging 491 points in intra-day. Its NSE counterpart eked out a 3-point gain and shut shop at 15,693. On BSE, the market breadth favoured buyers, indicating bullish underlying sentiment.
In the Sensex kitty of stocks, 16 stocks ended in the green and 14 in the red. Ultratech Cement, ICICI Bank, SBI and Axis Bank were the top index gainers while Bharti Airtel, Tata Steel and HDFC Bank were the worst drags.
The broader market outperformed the benchmark, with BSE Smallcap index hitting a fresh record high of 26167.95. It finally settled the day at 26,068, up 0.75 per cent. Meanwhile, the BSE Midcap index added 0.40 per cent.
Sectorally, the realty stocks were in demand with the Nifty Realty index hitting all-time high of 382.25 in intraday session. It finally ended the day with 3.61 per cent gain at 379.35. It was followed by the Nifty Private Bank index which added 0.42 per cent.
On the other hand, Nifty IT index with a loss of 0.45 per cent was the worst performer. Investors preffered to book profit in the IT stocks following a stellar rally and ahead of results by IT giants Infosys and Wipro later in the week. Other sectoral losers were -- Nifty Metal, Nifty Media and Nifty FMCG.
There was no dearth of stock-specific action amid earnings announcements and quarterly business updates. Shares of Page Industries scaled two year high of Rs 33,093 on the BSE amid an improved demand environment post the pandemic. The scrip finally ended the session at Rs 33204.90, up 5.89 per cent.
Shares of Just Dial declined 3.50 per cent to Rs 1,072.70 on the BSE after the latest shareholding pattern for the June quarter showed that FIIs slashed stake by 3.58 per cent in the company.
Federal Bank stock ended the day at Rs 89.50 on the BSE, up 4.5 per cent after the RBI on approved the re-appointment of Shyam Srinivasan as managing director and chief executive officer (MD and CEO) of the bank for a period of three years.
That said, Tuesday's action could be guided by macroeconomic data viz IIP and CPI inflation that are slated to be out today, and global cues. Furthermore, Parliament's Monsson session will also be on investor radar, with the session slated to run between July 19-August 13.
Ahead of the initial public offer (IPO) by online food delivery company Zomato, the buzz in the primary market remained heightened. The issue worth Rs 9,350 crore will open for subscription on July 14 but most analysts have flagged pricey valuations of the company and advise investors to Subscribe to the IPO for listing gains purposes. "Considering its financial performance, it would be prudent to wait for a meaningful turnaround to change the long-term stance," said Ajit Mishra of Religare Broking.
That apart, Paytm could soon follow into Zomato's footsteps as media reports suggest the company could file its DRHP this week. On Monday, the comapny's shareholders approved a resolution for the company to raise Rs 12,000 crore in fresh shares through an IPO.
Lastly, an update on the global market. An upsurge in new infections caused by the Delta coronavirus variant capped equity gains, with Wall Street tipped to open lower. The Stoxx Europe 600 was little changed, MSCI World index rose 0.2 per cent while futures on the S&P 500 fell 0.2 per cent and Dow Jones Industrial Average fell 0.4 per cent.
 "Market Wrap Podcast, July 12: Here's all that happened in the markets today")
