Sensex, Nifty End Little Changed After Volatile Final Hour
Closing Bell: A Volatile Last Hour
Indian equity markets ended little changed in today's session after a volatile final hour of trade, attributed by some to the FTSE rebalancing and by some to the tensions on the borders with Pakistan and China.
The final hour saw the S&P BSE Sensex and NSE Nifty 50 give up modest gains, fall to the day's low and witness a pullback from the lows.
The S&P BSE Sensex ended 0.34% lower at 38,845 while the NSE Nifty 50 was unchanged as compared to its close on Thursday, at 11,516.
The volatile moves were led by the Nifty Bank, which saw a sharper correction, falling as much as 550 points at one point. The index then recovered nearly 300 points from the day's low to end 1.1% lower.
There would be no doubt in anybody's mind that the day belonged to Pharma stocks. Dr Reddy's Laboratories and Cipla were the top two gainers on the Nifty 50 index, ending 9.9% and 7.1% higher respectively. The Pharma index too ended with gains of 5% - the biggest single-day gain in over a month. The index ended at the highest level in nearly five years. All constituents of the Pharma index ended with gains.
Nifty Realty was the other sectoral gainer, ending with gains of 1.9%.
Pressure on banking stocks led to a decline in the PSU Bank index as well, which ended 1.6% lower.
Broader markets were largely in-line with the benchmarks. The midcap index ended little changed while the smallcap index ended 0.4% lower.
The India Volatility Index ended 0.8% lower at 19.94.
Market breadth turned adverse in the final minutes of trade. 990 stocks on the NSE ended with losses while 826 stocks posted gains.
Decoding The Market Performance For The Week
Buzzing Stock: GSK Pharma
- Worst performing stock on the BSE Midcap index
- Falls as much as 5.5% to Rs 1,666
- Biggest single-day fall in six months
- Down for the third straight day
- Longest losing streak in a month
- Today's volume are 24% higher than the 20-day average
- Down 7% from its 52-week high of Rs 1,805 on September 15, 2020
- Five out of the 11 analysts tracking the stock have a buy recommendation; 5 sell calls
- The stock trades 10.2% higher than its 12-month consensus price target of Rs 1,528.3, implying a negative return potential