Nifty and Sensex end flat; Broader market slips as PSU Banks and pharma lose ground

Nifty and Sensex end flat; Broader market slips as PSU Banks and pharma lose ground

Rohit Kale
/ Categories: Trending, Mkt Commentary

Tata Motors, Maruti Suzuki and Bajaj Auto emerged as the top gainers from the Nifty 50 stocks

Market update at 3.30 PM: Indices have closed on a slightly negative note as profit booking in PSU Banks and pharma stocks dragged the broader market. NSE Nifty 50 and S&P BSE Sensex end flat while Nifty Midcap and Nifty Smallcap slipped half a per cent.  

Auto and IT sectors were the top performing sectors while PSU Bank and pharma witnessed severe selling pressure.  

Tata Motors, Maruti Suzuki and Bajaj Auto emerged as the top gainers from the Nifty 50 stocks while Axis Bank, Dr Reddy’s Laboratories and Hindalco Industries were the top losers.  

Nifty has been trading in a range of less than 200 points from the past 5 trading sessions amidst absence of major cues.  We can expect stock-specific action to continue as budget week approaches.

 

Market update at 12.05 PM: Indices have experienced weakness at higher levels and have lost pre-opening gains. Nifty has dipped over 80 points from day’s high and currently trades flat. Nifty Midcap and Nifty Smallcap have plunged 0.40 per cent each.  

Nifty Realty has slipped 1.50 per cent and is the top dragger, along with Nifty Pharma and Nifty Energy.  

 

Market update at 11 AM: Indices have been trading higher amid volatility. NSE Nifty 50 index has surged quarter per cent to trade above 18,100 level while S&P BSE Sensex has gained over 200 points. Nifty Midcap and Nifty Smallcap are trading on a flat note.  

IT and auto are the top performing sectors while the realty stocks have seen weakness.  

About 1,048 stocks are advancing as against 870 stocks that are declining, thus indicating positive market breadth.  

18,100 level shall act as strong support for Nifty while 18,200 level shall be an immediate resistance.  

 

Market update at 9.25 AM: Indices have opened higher amid positive global cues. NSE Nifty 50 index has soared 0.31 per cent to trade above 18,100 levels while S&P BSE Sensex has jumped over 200 points. Good buying interest is seen across midcap and Smallcap stocks.  

IT and PSU Banks are leading the rally whereas realty remains weak. India VIX has slipped nearly a per cent. 

 

Pre-market update: The American indices surged for the second consecutive day amid strong guidance from the tech companies. Dow Jones Industrial Average rose 254 points while Nasdaq jumped over 2 per cent. With this, the Asian markets have opened higher and SGX Nifty indicates a gap-up opening of about 80 points.

Oil hits 7-week high after postive outlook from China sends Brent crude prices above USD 88 per barrel.

Axis Bank results: The lender reported a rise of 62 per cent YoY jump in net profits to Rs 5853 crore.

Maruti Suzuki and HDFC AMC are some of the key companies set to declare results today.

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