New Delhi: The domestic equity market ended in the red on Monday following weak cues from the European market.
The market was cautious ahead of the crucial gross domestic product data, which is due later in the day. The indices were flat for most part of the day, but in the last one hour of trade, the market witnessed brisk selling.
The 30-share BSE Sensex closed at 24,287.42, down 1.34 per cent or 329.55
points. The NSE’s Nifty50 index ended at 7,387.25, down 1.36 per cent or 101.85 points.
For a detailed account of every small or big move in the market through the day, click here
On Friday, the Sensex had closed at 24,616.97 while the Nifty50 had ended at 7,489 level.
“The softness (in the market) can be attributed to weak opening of the European markets. Be that as it may, the fact is that Nifty50 could not cross the first resistance level. That in itself shows that the market is not strong enough to go higher,” said Dr CK Narayan, Founder, Chart Advise.
Bank stocks were the main pillar of support on Monday, as BSE bankex gained for the major part of the day but eventually ended 0.58 per cent lower. Bank of Baroda (up 2.68 per cent, SBI (up 1.69 per cent) and Axis BankBSE 2.38 % (up 1.58 per cent) led the rally and ended in the green.
Realty stocks also witnessed handsome gains as the BSE realty index rose 0.37 per cent. Prestige Estates Projects (up 3.99 per cent), HDIL (up 3.21 per cent), and Unitech (up 1.39 per cent) led the advances in the sector.
Stocks in the steel pack rose after the government imposed a minimum import price ranging from $341 to $752 per tonne on 173 steel products. Shares of JSW Steel and Tata SteelBSE 0.19 % gained 0.63 per cent and 0.19 per cent each.
In stock-specific movements, Jet Airways rose 3.97 per cent after reporting a record profit of Rs 467.11 crore for the quarter on the back of lower fuel costs. Profits soared more than seven times helped by higher lease income from planes.
“Jet Airways has posted a stupendous set of numbers. The aviation industry is in for better times ahead. Clearly, if you look at how the fall in aviation turbine fuel price has benefited margins, a lot of these companies have actually seen that benefit come through,” said Mayuresh Joshi, Fund Manager, Angel Broking.
Geometric gained 8.99 per cent after reporting a 77 per cent rise in December quarter profit to Rs.28.96 crore compared with Rs 16.37 crore profit reported for the year-ago period.
Among the broader markets, the BSE midcap index was down 0.23 per cent while the BSE smallcap lost 0.02 per cent. In the forex market, the rupee ended at 67.88, up 23 paise against the US dollar.
The Chinese markets are shut for the day on account of the Lunar New Year. Japan’s Nikkei share index ended 1.10 per cent up at 17,004.30.
In Europe, the STOXX Europe 600 Basic Resources index – which houses major mining stocks – was down 1.34 per cent at 321.52 at the time of filing of this report. The pan-European FTSE300 lost 1.38 per cent to trade at 1,265.36. Germany’s DAX was trading 1.87 per cent lower at 9,114.80 level.
MARKETS THROUGH THE DAY:
Markets @ 2:00
Sensex 24,673, up 56 points, Nifty 7,490, up 1 point
SBI (4.76%), AXIS BANK (4.54%), BHEL (3.28%), ICICI BANKBSE -0.31 % (2.29%), GAIL (2.06%)
TATA MOTORSBSE -3.94 % (1.29%), TCS (1.27%), ONGC (1.18%), DR. REDDY’S LAB (1.18%), SUN PHARMA (0.97%)
Markets @ 1:00
Sensex: 24633.91, up 17 points; Nifty50: 7497.05, up 8 points
SBI (4.8%), AXIS BANK (4.6%), BHEL (3.5%), ICICI BANK (2.1%), TATA STEEL (1.9%)
TATA MOTORS (1.7%), TCS (1.3%), DR. REDDYS LAB (1.3%), ITC (1.2%), ONGC (1.1%)
Markets @ 11:15
Sensex 24,674, up 57 points, Nifty 7,502, up 13 points
SBI (3.80%), AXIS BANK (3.35%), GAIL (2.84%), ICICI BANK (2.82%), BHEL (1.28%)
TATA MOTORS (1.81%), INFOSYS LTD (1.14%), TCS (0.98%), CIPLA (0.80%), DR. REDDY’S LAB (0.66%)
Markets @ 10:00
Sensex 24,594, down 23 points, Nifty 7,482, down 7 points
GAIL (3.19%), SBI (2.82%), AXIS BANK (2.09%), TATA STEEL (1.50%), MARUTI SUZUKIBSE 0.29 % (1.26%)
TATA MOTORS (2.33%), TCS (1.50%), INFOSYS LTD (1.48%), CIPLA (1.22%), DR. REDDY’S LAB (0.76%)
Markets @ 9:20
The 30-share index was trading at 24,588, down 28 points or 0.11 per cent. It touched a high of 24,639.32 and a low of 24,572.56 in morning trade.
The Nifty50 was at 7,478 down 11 points or 0.14 per cent. It touched a high of 7,495.45 and a low of 7,473.70 in the first 30 minutes of trade.
The S&P BSE Midcap Index was up 0.39 per cent and BSE S&P Smallcap Index was trading 0.38 per cent higher.
Tata Steel (up 2.8 per cent), Axis Bank (up 2.2 per cent), State Bank of India (up 1.9 per cent), ICICI Bank (up 1.3 per cent), and Adani Ports (up 1.2 per cent), were the major Sensex gainers.
Tata Motors (down 1.6 per cent), TCS (down 1.2 per cent), Infosys (down 1.1