Sensex, Nifty End Flat, Post Weekly Loss As Financials Underperform
Losses For The Week
Indian equities ended the final trading session of the week with a negative bias, snapping a three-day gaining streak. Benchmark indices traded in a narrow range throughout the trading day to end with losses.
The S&P BSE Sensex, which traded in a 450-point range ended 0.3% lower at 49,591 while the NSE Nifty 50 index, which traded in a 130-point range, shed 0.26% to end at 14,834.
For the week, while the Nifty saw losses of 0.2%, the Sensex ended close to 1% lower. While Metals and I.T. were the top performing sectors, financials were the biggest laggards. In fact, the top five laggards on the Nifty for the week are financials.
Financials were the top laggards in today's session as well, especially private banks. The Nifty Bank index shed 330 points to end 1% lower. PSU Bank index bucked the trend to end with gains of 2.1%.
The top performers in today's session were the Pharma stocks. The Nifty Pharma index ended with gains of 3% led by a rally in Cipla and Sun Pharma.
Other sectoral gainers included the Nifty I.T., Nifty Media and the FMCG index, all of whom ended with gains of 0.8% each.
The Nifty Metal index snapped a nine-day rally, ending 0.6% lower. However, the index advanced 6.6% on a weekly basis, its third straight weekly gain.
Broader markets outperformed in today's session. The Nifty Midcap index gained 0.2% while the Smallcap index rose 0.5% at the close of trade.
The India Volatility Index fell 2.6% to end at 19.79.
1,097 stocks on the NSE ended with gains while 786 posted losses.