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Markets end flat amid corona uncertainty
HDFC twins, RIL and IT stocks save the day for bourses
Mumbai: Benchmarks Sensex and Nifty stepped back from the day's highs to settle on a flat note on Monday, with gains in HDFC twins, RIL and IT shares pausing slide on the indices, as investors look for a new direction amid continued uncertainty surrounding Covid-19.
The 30-share BSE Sensex closed higher for the third consecutive session, after swinging between gains and losses during the day. At close, the Sensex was up 59.28 points or 0.19 per cent at 31,648. While, the NSE barometer Nifty was down 4.90 points or 0.05 per cent at 9,261.85. Index heavyweights HDFC twins and Reliance Industries mainly saved the day.
IT stocks also closed with gains. HDFC Bank was the top gainer in the Sensex pack, rallying nearly 4 per cent, after the lender posted a 15.4 per cent rise in consolidated net profit at Rs 7,280.22 crore for the March quarter on healthy interest income.
Sun Pharma, NTPC, HCL Tech, Tech Mahindra, HDFC, RIL and TCS also closed with gains. On the other hand, Axis Bank was the top laggard, followed by ITC, ICICI Bank, IndusInd Bank and Maruti Suzuki. Sectorally, BSE IT, energy, teck, oil and gas, power and realty indices ended up to 2.67 per cent higher, while metal, telecom, FMCG and auto indices fell up to 3.4 per cent.
Broader BSE midcap closed 0.21 per cent lower, while smallcap index finished 0.80 per cent higher. "Uncertainty ruled the markets and lack of direction from earnings results or the global markets meant that the Indian benchmark indices ended flat after a volatile trading day," Vinod Nair, Head of Research at Geojit Financial Services, said.
Elsewhere in Asia, Hong Kong, Tokyo and Seoul ended in the red, while Shanghai closed on a positive note. Stock exchanges in Europe were also trading on a mixed note. Brent crude futures, the global oil benchmark, fell 3.53 per cent to $27.09 per barrel. Meanwhile, the rupee declined by 14 paise to 76.53 against the US dollar amid strengthening of the American currency overseas and a sharp rise in coronavirus cases in the country.
