Sensex: Sensex turns 277pts in choppy trade, ends 86pts higher; Clever Tops 18,300
Auto stocks shone in a flat trading session on price gains, the push for electric vehicles and ETF launches in the sector, as the basket of stocks saw smart gains. Broader markets witnessed profit taking on pharmaceutical stocks with investor interest in shoe stocks
The 30-pack of Sensex shares rose 85.88 points or 0.14% to close at 61,308.91. The index oscillated within a range of 277 points. Its wider counterpart NSE Nifty added 52.35 points or 0.29% to 18,308.10.
“In a week led by various corporate earnings releases, national indices rose slightly on a flat note, led by consumer durables, energy and auto stocks. of covid around the world continues to color investor sentiment,” said Vinod Nair, head of research at Geojit Financial Services.
The market at a glance:
- Metro Brands climbs 20% after strong third-quarter earnings
- UltraTech Cement ends up 3% after Q3 show
- Vedanta loses 3% as it plans to invest in the Saudi mining sector
- Lupine slips 1% as non-compliant FDA specifications lead to 2 drug recalls
- Hero Moto jumps 5% after Co approves its investment in Ather Energy
Among the blue chip names, Hero MotoCorp was the top gainer, up 5.11%. Grasim Industries, ONGC, Tata Motors, UltraTech Cement, JSW Steel and Marutio Suzuki were other winners.
HCL Tech was the biggest loser in the Nifty pack, dropping 5.73%. HDFC Bank, Cipla, Axis Bank, Britannia Industries, Tech Mahindra, Power Grid and Coal India were other stocks that ended in the red.
Broader equity indices ended higher and outperformed their major counterparts. The Nifty Smallcap Index rose 0.60% and Nifty Midcap added 0.16%. Nifty 500, the broadest index on NSE, ended up 0.32%.
“Markets are currently witnessing a timing correction and should soon resume the trend. We reiterate our preference for the IT, Metals, Real Estate and Pharmaceuticals packs, while the banking sector could see further consolidation.
Apollo Tyres, Exide Industries, LIC Housing Finance, MMTC, KPIT Tech and Intellect Design were the main gainers in the mid and small cap indices, climbing between 3 and 10%.
Granules India, Tanla Platforms, Dilip Buildcon, Dr Pathlabs, National Aluminum and Laurus Labs were the main losers in a broader market, ranging between 2-8%.
The NSE sector matrix was mixed. The Nifty Auto Index was the biggest gainer, up 2.05%, followed by Nifty Realty which gained 1.28%. The Nifty Pharma index was the biggest loser, down 0.73%. The Nifty Private Bank and Nifty Bank indices also ended in the red.
Market breadth favored winners as 2,297 stocks ended in the green, while 1,308 names settled with cuts. As many as 521 stocks hit 52-week highs, mostly in the small cap space. Meanwhile, 9 names hit 52-week lows, mostly in the microcaps space. About 760 stocks reached the upper limits of the circuit and 310 the lower limits of the circuit.
European markets were trading higher. The London-based FTSE rose 0.71% while Paris and Frankfurt rose 0.73% and 0.44%, respectively. In Asia, Hang Seng, South Korea and Indonesia finished in the red while the rest of the market finished in the green.