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Taking Stock | Sensex, Nifty end flat amid volatility; PSU banks, realty outperform

As many as 250 stocks, including HCC, MTNL, Gravita India and Bedmutha Industries, hit a 52-week high on the BSE

December 10, 2021 / 05:04 PM IST

Indian benchmark indices ended their three-day winning spree on December 10 to close marginally lower after a volatile session.

At close, the Sensex was down 20.46 points, or 0.03 percent, at 58,786.67, and the Nifty was down 5.50 points, or 0.03 percent, at 17,511.30. For the week, the Sensex rose 1.88 percent and Nifty added 1.82 percent.

The market opened on a negative note amid weak global cues and extended losses as the day progressed but recovered in the final hour, supported by buying in realty and PSU banking names.

"Indian benchmark indices traded with cuts to close flat following weak sentiments in the global market as the market awaits the release of Indian and US November inflation numbers," said Vinod Nair, Head of Research at Geojit Financial Services.

Asian and European indices were trading weak ahead of the US inflation data, as the market expects levels to remain elevated, Nair said.

Close

Losses in financial and IT sectors pressured indices lower, while positive realty, auto and metal stocks helped in erasing losses along with support from mid and small caps, he said.

Broader indices outperformed the main indices. The BSE midcap index was up 0.38 percent and the smallcap index gained 0.80 percent.

Asian Paints, Grasim Industries, SBI, SBI Life Insurance and M&M were among the top Nifty gainers. Losers included Divi’s Labs, Titan Company, HDFC, Kotak Mahindra Bank and Tata Consumer Products.

IndexPricesChangeChange%
Sensex54,208.53-109.94 -0.20%
Nifty 5016,240.30-19.00 -0.12%
Nifty Bank34,163.70-138.20 -0.40%
Nifty 50 16,240.30 -19.00 (-0.12%)
Wed, May 18, 2022
Biggest GainerPricesChangeChange%
TATA Cons. Prod754.3020.05 +2.73%
Biggest LoserPricesChangeChange%
Power Grid Corp227.90-10.75 -4.50%
Best SectorPricesChangeChange%
Nifty FMCG37989.05470.25 +1.25%
Worst SectorPricesChangeChange%
Nifty PSU Bank2484.50-39.65 -1.57%

Among sectors, the Nifty PSU bank index rose 2.6 percent, and the metal index added 0.5 percent.

Stocks and sectors

On the BSE, the realty index added nearly 3 percent, while oil & gas and power indices were up 0.5 percent each.

Among individual stocks, a volume spike of more than 500 percent was seen in IEX, JK Cement and Polycab India.

A long build-up was seen in Polycab India, Siemens and Cummins India, while there was a short build-up in SBI Cards, Divi’s Laboratories and Kotak Mahindra Bank.

About 250 stocks, including HCC, MTNL, Gravita India and  Bedmutha Industries, hit a 52-week high on the BSE.

Technical View

The Nifty formed an inside bar and a small-bodied bullish candle on the daily scale. On the weekly frame, it formed a bullish candle and negated its lower lows of the last three weeks.

The Nifty has to hold above 17,500 for an up move towards 17,600 and 17,777, whereas on the downside, support is intact at 17,350 and 17,200, said Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services.

Outlook for December 13

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas

Structurally, consolidation can continue for some more time before the Nifty prepares for the next leg on the upside.

The index can dip towards 17,300-17,250 to fill up a recent gap area on the daily chart. On the other hand, once 17,600 is crossed on a closing basis, it will allow the Nifty a shot at 18,000.

Ajit Mishra, VP - Research, Religare Broking

On December 13, markets will react to macroeconomic data in early trade. On the global front, the upcoming Fed meet will remain in focus along with the updates on the new variant.

Amid all, maintain a positive yet cautious approach and focus more on stock selection. The Nifty needs to hold the 17,300-17,400 zone for further recovery.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before making any investment decisions.



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Rakesh Patil
first published: Dec 10, 2021 05:04 pm
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