Market ends the session on a flat note with negative bias

Nidhi Jani
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Market ends the session on a flat note with negative bias 1254 0

Indian equity benchmarks ended the lackluster trade on a flat note with a negative bias on Monday, as investors have become careful ahead of the Christmas festival. After making a slightly negative start, key indices turned choppy, as traders remained cautious with Assocham president, Niranjan Hiranandani’s statement that the economy is facing a liquidity problem and demand recession, and it requires measures to lift consumption, including reduction in goods and services tax and personal income tax and improved credit flow, to revive.

Some anxiety also came with the International Monetary Fund (IMF) chief economist, Gita Gopinath’s statement that while it was anticipated that India’s growth will slow down, the current numbers come as a shocker with a sharp decline in both investment and consumption.

Local barometer gauges added losses in late afternoon session, as sentiments on the street weakened further with a report that stated that after taking a big hit from the falling rate of economic growth in 2019, the job market may remain muted in the New Year as well in terms of workforce expansion and salary hikes as more and more companies are expected to prefer up-skilling of existing staff rather than hiring new ones. However, the markets managed to trim most of their initial losses, as traders found some solace with report that India's forex reserves continued on the northward trajectory, rising to a new record of US$454.492 billion on the back of a US$1.07 billion accretion for the week ended December 13.

The BSE Sensex ended at 41,642.66, down by 38.88 points or 0.09 per cent after trading in a range of 41,474.61 and 41,701.62. The broader indices ended in red, WITH the BSE Mid cap index declining by 0.07 per cent while Small cap index being down by 0.06 per cent.

The top gaining sectoral indices on the BSE were Auto up by 0.59 per cent, TECK up by 0.45 per cent, Consumer Disc up by 0.44 per cent, IT up by 0.36 per cent, and Telecom up by 0.35 per cent, while Energy down by 1.29 per cent, PSU down by 0.61 per cent, Realty down by 0.54 per cent, FMCG down by 0.50 per cent, and Power down by 0.21 per cent were the key losing sectoral indices on the BSE.

The top gainers on the Sensex were Maruti Suzuki up by 1.42 per cent, Hero MotoCorp up by 1.37 per cent, HDFC up by 1.09 per cent, Kotak Bank up by 0.71 per cent, and Bajaj Auto up by 0.59 per cent. On the flip side, Nestle down by 2.20 per cent, Reliance Industries down by 1.78 per cent, SBI down by 1.63 per cent, Tech Mahindra down by 1.03 per cent, and ITC down by 0.95 per cent, were the top losers.

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