Monday, December 23, 2024 | 11:13 AM ISTEN Hindi

Sensex, Nifty end flat amid late sell-off; IT, broader indices hold gains

CLOSING BELL: The BSE Sensex hit a fresh calendear year high at 61,682, before forfeiting most gains at close. Midcap, Smallcap indices gained nearly a per cent Thursday.

SI Reporter New Delhi

BSE

Stock Market Highlights: The key benchmark indices ended on a flat note amid late volatility owing to the weekly Nifty F&O expiry on Thursday. The NSE Nifty hit a high of 18,135, but dipped into red and touched a low of 18,001 towards the fag end of the day.

The Nifty 50 finally settled 20 points higher at 18,036. In the process, the Nifty has added 264 points in the last three straight trading sessions.

Also read: Half of Nifty 50 stocks yet to reclaim Budget peaks

The S&P BSE Sensex scaled a fresh calendar year high at 61,682 in morning deals led by strong gains in IT shares. However, the late sell-off, saw the BSE benchmark forfeit all its gains and slip into red to a low of 61,197 – down 485 points from the day’s high. The Sensex eventually ended 44 points higher at 61,320.

Tech Mahindra up over 5.5 per cent was the top gainer among the Sensex 30 pack. Nestle India, Tata Steel, NTPC and NTPC were the other major gainers, up over a per cent each. TCS hit a fresh 9-month high in trades today as IT stocks were in focus. READ MORE

On the other hand, Mahindra & Mahindra, Hindustan Unilever, Axis Bank and Bajaj Finance were few of the notable losers.

The broader markets outperformed, both, the BSE Midcap and Smallcap indices finished 0.9 per cent higher. The overall breadth too was positive, with nearly 1,900 shares settling higher as against near about 1,600 declining stocks on the BSE.

Also read: New tax norm to hurt insurers; stocks attractive for the long run: Analysts

In the broader markets, shares of domestic oil explorers – ONGC and Oil India rallied over 5 per cent each after the government cut the windfall profit tax on domestically produced crude oil from Rs 5,050 per tonne to Rs 4,350 per tonne. READ MORE

Among other buzzing stocks, Bharat Dynamics soared nearly 13 per cent after the state-owned aerospace & defense company said that it entered into 10 MoUs with several foreign and Indian companies during the Aero India – 2023. READ MORE

Meanwhile, InterGlobe Aviation (IndiGo) shed 4.5 per cent after 4 per cent of the company’s equity changed hands in a block deal. READ MORE

4:04 PM

Comment :: 'Underperformance of banking majors is capping the recovery'

Markets traded volatile on the weekly expiry day and ended almost unchanged. Upbeat global cues triggered a gap-up start which further strengthened with renewed buying in the IT majors. However, profit taking in the banking,financials and auto heavyweights pared all the gains as the day progressed. Finally, the Nifty index settled at 18035.85 level. Meanwhile, the broader indices outperformed the benchmark index and gained in the range of 0.7%-1%.

The underperformance of banking majors is capping the recovery while IT, energy and auto majors are playing their parts on rational basis. Amid all, we reiterate our target of 18200 for the Nifty and suggest focusing on buying opportunities on dips.

Views by: Ajit Mishra, VP - Technical Research, Religare Broking

4:00 PM

Comment :: 'Worries that stronger economy would attract tighter monetary policy capped gains'

The domestic market absorbed the buoyancy in the global market, led by IT stocks, while upstream oil companies gained as a result of the slash in windfall tax. After robust jobs data, strong retail sales numbers in the US showed proof of resilience in the US economy amidst concerns over elevated inflation numbers. However, the gains were capped by worries that a stronger economy would attract a tighter monetary policy.

Views by: Vinod Nair, Head of Research at Geojit Financial Service

3:58 PM

Tech View :: 'Hourly momentum indicator has triggered a negative crossover, consolidation likely in near term'

The Nifty opened on a positive not and witnessed price action during the first half of the session. It witnessed some profit booking around the zone of 18,100 - 18,150 and as a result the Nifty gave up most of the gains though closed the day on a positive note. The hourly momentum indicator has triggered a negative crossover which indicates that a consolidation is likely in the near term.

On the way down, the Nifty can retest the breakout zone of 18,000 – 17,950 where support in the key hourly moving averages are placed. The daily momentum indicator still has a positive crossover and thus incase of a dip it should be bought into and the strategy to trade would be to buy on dip near the support zone 18,000 – 17,950. Today, the Nifty has achieved our short term target of 18,100 and hence we revise the target upwards to 18,300 with a reversal of 17,850.

Views by: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

3:55 PM

Bond Market :: Yields on 10-year end lower

3:54 PM

Rupee closing :: Rupee ends at 82.72/$ against Wednesday’s close of 82.80/$

3:53 PM

BSE Snapshot :: Market breadth favours buyers, but 140 stocks hit 52-week lows

3:50 PM

Buzzing stock :: Nestle ends near day's high on robust Q4 result

FMCG major Nestle India Ltd on Thursday reported an increase of 65.50 per cent in its net profit at Rs 628.06 crore for the fourth quarter ended December 31, 2022.

3:48 PM

Buzzing stock :: PI Industries extends rally into second day, gains over 8%

Shares of PI Industries moved higher by 9 per cent to Rs 3,410.70 on the BSE in Thursday’s intra-day trade amid heavy volumes on better growth outlook. In past two days, the stock of pesticides & agrochemicals company has soared 12 per cent after the company reported December quarter (Q3FY23) earnings. The management is confident of delivering 20 per cent plus revenue growth with continued improvement in margins and returns.

3:46 PM

Buzzing stock :: Bharat Dynamics zooms 12% on signing 10 MoUs during Aero India 2023

Shares of Bharat Dynamics Limited (BDL) rallied after the state-owned aerospace & defense company said that it has entered into 10 Memorandum of Understandings (MoU) with several foreign and Indian companies during the Aero India – 2023.

3:45 PM

Buzzing stock :: Hindustan Aeronautics rises 7% on various deals signed during Aero India Show

3:44 PM

Buzzing stock :: IndiGo down over 4% after block deal

According to a Business Standard report, Rakesh Gangwal was set to pare his stake in IndiGo by a further 4 per cent via block deals on Thursday. The block deal was said to be for 1.56 crore shares worth Rs 2,930 crore.

This would be the Gangwal family's second such share sale in six months. Last September, Rakesh Gangwal and his wife sold 2.74 per cent in InterGlobe Aviation, mopping up Rs 2,005 crore.