PSE index rose for the second consecutive day with Power stocks hogging the limelight. As the gap between growth and value stocks widens, we are witnessing sectoral rotation in several pockets. Metals & PSU banks helped stage a recovery in afternoon trade, said an analyst.
The 30-share pack Sensex fell 254.33 points or 0.43 per cent to close at 59,413.27. The index gyrated in a range of 567 points. Its broader peer NSE Nifty declined 37.30 points or 0.21 per cent to 17,711.30.
“Markets were volatile for the second consecutive day with the street wary of inflation on the back of supply-side disruptions and higher commodity prices. As China pulls back on the back of power shortages, export opportunities are opening up for several Indian companies with the PLI schemes providing the catalyst,” said S Ranganathan, Head of Research at LKP securities.
Market at a glance:
- NTPC extends rally to the third day, rises another 6 per cent
- Coal India climbs over 6 per cent on rising coal prices
- HDFC AMC tumbles 6 per cent as Standard Life to pare holding
- IPO watch: Aditya Birla AMC subscribed 44 per cent on Day 1
- India VIX continues to climb, adds 2 per cent to close near 19-level
Among the bluechip names, NTPC was the top gainer, rising 6.40 per cent. Coal India, Power Grid, Sun Pharma, Indian Oil, Hindalco, SBI, JSW Steel, ONGC and Cipla were other gainers.
HDFC was the top loser in the Nifty pack, falling 2.05 per cent. Kotak Mahindra Bank, Asian Paints, UltraTech Cement, Eicher Motors, Hero MotoCorp and HUL were others that ended in the red.
Broader market indices ended higher, outperforming their headline peers. Nifty Smallcap rose 0.41 per cent and Nifty Midcap advanced 1.08 per cent. Nifty 500, the broadest index on NSE, ended down 0.06 per cent.
“Tomorrow markets are expected to remain volatile considering the expiry. Banks, Telecommunication, Power & Pharma sectors will be in focus tomorrow.”
IRB Infra Developers, Indian Energy Exchange, HEG, Oil India, Tata Power and GMR Infra were top gainers from mid and smallcap indices, climbing in the range of 6-10 per cent.
CAMS, Thyrocare Technologies, JB Chemicals and Pharmaceuticals, IRCTC, Bharat Electronics and Balkrishna Industries were major losers from the broader market space, falling in the range of 1-10 per cent.
The sectoral matrix on the NSE was mixed. Nifty PSU Bank gained 2.72 per cent, closely followed by 2.29 per cent gain in Nifty Metal. Nifty Realty also added more than 1 per cent. Nifty Private Bank was the top loser, down 1.08 per cent.
Market breadth was in favour of gainers as 1,915 stocks ended in the green, while 1,364 names settled with cuts. As many as 218 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 28 names hit 52-week lows, mostly from the microcap space. About 365 stocks hit upper circuit limits and 160 lower circuit limits.
European markets were trading higher. London-based FTSE was up 0.79 per cent while Paris and Frankfurt advanced 1.15 per cent and 1.04 per cent, respectively. In Asia, Hong Kong, Thailand and Indonesia ended in the green. Rest of the markets registered losses.