Nifty, Sensex End Little Changed Amid Volatility; Titan, SBI Drag: Market Wrap
The NSE Nifty 50 closed 0.15, lower at 22,442.7, while the S&P BSE Sensex closed 0.02% higher at 73,895.54.
India's benchmark stock indices ended little changed amid a volatile session on Monday, even as a steep correction in public sector banks left the Nifty 50 down for the second day in a row while the Sensex closed marginally higher.
Titan Co., State Bank of India, and Reliance Industries Ltd. shares weighed on the indices, but Kotak Mahindra Bank's gains helped to limit the losses.
The NSE Nifty 50 closed 33.15 points, or 0.15%, lower at 22,442.7, while the S&P BSE Sensex closed 17.39 points, or 0.02%, higher at 73,895.54.
"Indian bourses began the week on a strong note, but a steep correction in PSU stocks put pressure on the index to trade lower," said Aditya Gaggar, director of Progressive Shares. "A vertical fall in the mid and small caps dented market sentiments further."
"The index has formed a small red candle, but on the downside, the zone of 22,330–22,380 will act as a strong support, while the higher side seems to be capped at 22,580," Gaggar said.
Shares of Titan Co. Ltd., State Bank of India, Reliance Industries Ltd., NTPC Ltd., and Larsen & Toubro Ltd. contributed to the fall of Nifty.
On the other hand, Kotak Mahindra Bank Ltd., Tata Consultancy Services Ltd., ICICI Bank Ltd., Infosys Ltd., and Britannia Industries Ltd. capped the losses.
Most sectoral indices ended lower, with the Nifty PSU Bank falling the most. Nifty Realty gained nearly 3%.
On BSE, 13 sectors declined and seven advanced. The S&P BSE Consumer Durables sector was the worst-performing sector among peers and the S&P BSE Realty sector was the top-performing sector.
Broader markets underperformed benchmark indices. The S&P BSE Midcap ended 0.95% down, and the S&P BSE Smallcap settled 1.06% down.
Market breadth was skewed in favour of the sellers. Around 2,625 stocks declined, 1,296 stocks advanced, and 173 stocks remained unchanged on the BSE.
