Closing Bell: Market ends flat with positive bias; mid, smallcaps outperform

Taking Stock | Weak Global Cues, Profit-booking In Largecaps Keep Market Lacklustre

The Sensex and the Nifty ended the week with nominal gain of 0.30 percent each. September 10 is market holiday for Ganesh Chaturthi.... Read More

Domestic markets were highly volatile tracking negative cues from global markets amid selling seen in realty and pharma stocks. However, mid and smallcap stocks continued to attract buyers leading to their outperformance. Regulatory crackdown in China, global concerns over the looming reduction in asset purchases ahead of the European Central Bank meeting and slowdown in economic recovery pulled global markets lower.

Equity benchmarks the Sensex and the Nifty ended flat with a positive bias on September 9.

It was the third consecutive session when the market ended flat owing to profit-booking after the recent strong rally.

Sensex closed 55 points, or 0.09 percent, higher at 58,305.07 while Nifty settled with a gain of 16 points, or 0.09 percent, at 17,369.25.

BSE Midcap ended 0.56 percent higher and the smallcap index clocked a gain of 0.52 percent.

The market is showing signs of correction after a steep rally. Experts believe there can be a correction in the largecaps that have been leading the rally this year. So, part of the fresh money is now moving into new areas like PSU banks. But they underscore this is likely to be a short-term trend.

There is s slight risk-off mode in global markets during the last few days and this has impacted the bullish sentiments in India too. Many experts feel that there can be a correction in the largecaps that have been leading the rally this year. So, part of the fresh money is now moving into new areas like PSU banks. But this is likely to be a short-term trend.

Nearly 350 stocks, including Dish TV, Ujjivan Financial Services, Majesco, Future Retail, Future Lifestyle Fashions and Jain Irrigation Systems, hit their upper circuits on BSE in intraday trade today.

Nearly 200 stocks, including APL Apollo Tubes, Abbott India, Concor, Dish TV India, Info Edge, Oil India, Voltas and Zensar Technologies, hit their fresh 52-week highs on BSE in intraday trade today.

Adani Green Energy Limited has listed its maiden $750 mn green bonds with 3-year maturity at a competitive coupon of 4.375 percent. The bonds were rated Ba3 (stable) by Moody’s and have garnered huge investor interest across the globe. These bonds have been listed on India INX’s GSM Green platform which is the Exchange’s dedicated platform for listing green, social, sustainable and all such ESG flavoured bonds.

: Crude oil prices traded weak with benchmark NYMEX WTI crude oil prices were trading 0.26% down to $69.12 per barrel for the day. MCX Crude oil September futures were trading near Rs 5,089 per barrel by noon.
Crude oil prices are expected to trade sideways to up for the day with resistance at $70 and support at $68 per barrel. MCX Crude oil September has support at Rs 4,980 and resistance at Rs 5,180.

Kotak Mahindra Bank announced on September 9 that it has reduced home loan rates by 15 base points effective September 10. According to a CNBC-TV18 report, the home loan rates will now start at 6.50 percent per annum.

: Sensex is down 49.00 points or 0.08% at 58201.26, and the Nifty shed 13.80 points or 0.08% at 17339.70. Nestle India, Bharti Airtel and ONGC are the top gainers while IRCTC and SBI Life Insurance are the most active stocks.