The key benchmark indices see-sawed in trade on Thursday as investors adjusted their positions ahead of the monthly F&O expiry. Besides, largely tepid global mood amid geopolitical and economic uncertainty after Russia’s invasion of Ukraine kept gains in check.
The S&P BSE Sensex started gap-up with gains of around 100-odd points, and extedned rally to hit a high of 58,891. However, selling in the second half of the session dragged the index to a low of 58,486. The index, eventually, closed at 58,568, down 115 points or 0.2 per cent.
On the NSE, the Nifty50 gyrated between 17,560 and 17,435 before settling at 17,465, down 33 points or 0.2 per cent. The BSE MidCap and SmallCap indices, meanwhile, outperformed the frontline indices and closed 0.3 per cent higher each.
M&M, JSW Steel, Britannia, HUL, Axis Bank, Tata Consumer Products, ONGC, Hero MotoCorp, and IndusInd Bank were the leaders on the Nifty today, rallying upwards of a per cent each. On the flipside, Hindalco tumbled 5 per cent, followed by Divis Labs, Apollo Hospitals, RIL, Wipro, Eicher Motors, Dr Reddy’s Labs, and Cipla. Within the broader market space, Adani Power, Tata Communications, HAL, Kansai Nerolac, Oil India Ltd, Edelweiss Financial Services, Shaily, and DFM Foods were the outperformers, soaring between 6 per cent and 15 per cent.
From a sectoral view point, the NSE Pharma index slipped 1.3 per cent, followed by the Nifty PSU Bank index (down 0.8 per cent) and IT index (down 0.4 per cent). Among gainers, the Nifty FMCG index advanced 1.2 per cent, while the Nifty Private Bank and Realty indices added 0.3 per cent each.
S Ranganathan, Head of Research at LKP securities, said: “Even as markets ended the last day of the financial year in a rather quiet mood, it has delivered a 19 per cent return this year on the Nifty with two sectoral indices – Metals & Media returning over 50 per cent this year. On the broader market as well, both the Midcap-100 & the Smallcap-100 delivered over 25 per cent return this year. Such returns in a year when FPI’s have pulled out big money highlights the confidence of the Indian Investor amidst a slew of headwinds.”
Global Cues
Technology companies led stocks lower on Wall Street Wednesday, ending a four-day winning streak for the market, after an economic report stoked worries about the health of the economy. The S&P 500 fell 0.6 per cent after having been down nearly 1.1 per cent at one point. The Dow Jones Industrial Average slipped 0.2 per cent, making it nearly all the way back from a 0.7 per cent loss. The pullback was the indexes’ first lower close in five days. The tech-heavy Nasdaq composite fell 1.2 per cent.
Tokyo shares opened lower Thursday on receding hopes for a breakthrough in the war in Ukraine and ahead of the Tokyo Stock Exchange’s market realignment next week. The benchmark Nikkei 225 index gave up 0.79 per cent, or 221.22 points, to 27,806.03 in early trade, while the broader Topix index fell 0.80 per cent, or 15.83 points, to 1,951.77.
Hong Kong stocks started Thursday slightly higher, extending the week’s rally after Chinese officials again pledged to stabilise the world’s number two economy. The Hang Seng Index edged up 0.14 per cent, or 30.13 points, to 22,262.16. The Shanghai Composite Index fell 0.34 per cent, or 11.06 points, to 3,255.53, while the Shenzhen Composite Index on China’s second exchange eased 0.56 per cent, or 11.86 points, to 2,125.75.
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