The Indian market ended the truncated week on a sombre note, posting mild gains on both indices. Strong movements by Infosys and pharmaceutical stocks helped the Street, but selling in HDFC group stocks, FMCG stocks capped upside.
The 30-share BSE Sensex was up 28.05 points at 31,596.06 and the 50-share NSE Nifty gained 4.55 points at 9,857.05.
The market was closed on Friday on account of Ganesh Chaturthi.
The broader markets outperformed benchmark indices as the BSE Midcap index gained 0.8 percent and Smallcap was up 0.4 percent on positive breadth. About five shares advanced for every four shares falling on the BSE.
However, among these times, there were over 70 stocks which had a good day and clocked fresh 52-week high milestones. Bajaj Finserv, Bajaj Holding, Chennai Petro, Deepak Fertilisers, Avenue Supermarts, Indiabulls Housing Finance, IndusInd Bank, JSW Steel, and Tata Steel, among others, were in that list of gainers.
Meanwhile, there were 28 stocks that also hit fresh all-time highs, thereby increasing investor wealth. Bajaj Finserv, Deepak Fertilisers, Avenue Supermarts, IndusInd Bank and Heritage Foods, among others were a part of this list.
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The markets settled at their five-week lows as PSU banks and metal stocks tanked, while escalating tensions between the United States and North Korea continued to drive investors away from risk assets.
The Nifty PSU Bank index dipped nearly 5% after Oriental Bank, Union Bank of India and State Bank of India fell 5% each post disappointing earnings for the June quarter. Meanwhile, volatility index India VIX hit its highest in six months, suggesting market participants expect major volatility on the Nifty over the next thirty days.
Benchmark indices ended the session and the week on a negative note, with indices seeing big cuts in the day’s trade.
The Sensex closed down 317.74 points at 31213.59, while the Nifty ended lower by 109.45 points at 9710.80. The market breadth was negative as 1,003 shares advanced against a decline of 1,525 shares, while 135 shares were unchanged.
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Markets consolidated with midcaps at record high. The Bank Nifty closed at its highest level in the last 17-months high. The Sensex was down 46.44 points or 0.2 percent at 28077 and the Nifty was down 6.35 points at 8666.90. About 1480 shares have advanced, 1237 shares declined, and 182 shares are unchanged.
In stock specific action SBI remained on buyers’ radar gained 4 percent as investors gave a thumbs up to its merger ratio. All SBI associates including State Bank of Mysore, State Bank of Travancore and State Bank of Bikaner and Jaipur jumped.
BHEL, Tata Steel, HUL and Cipla were other top gainers while Coal India, TCS, Lupin, Sun Pharma and M&M were losers in the Sensex.
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