Stock market today: Sensex, Nifty end higher; Midcap, smallcap performance weak

Sensex The index closed 123.38 points or 0.20% higher at 62,027.90, while the Nifty advanced 17.80 points or 0.1% to 18,314.80. Mid and Smallcap indices underperformed the benchmarks as Nifty Midcap 100 declined by 0.41%, while Nifty Smallcap 100 index ended lower by 0.75%.

Losses in metal, IT and pharma stocks were offset by gains in banks, auto and financial services stocks, helping the benchmark indices recover from morning’s losses.

On the global front, Asian markets remained weak following weak inflation data in China and rising concerns over US banks

Japan’s benchmark Nikkei 225 gained 0.9 per cent to close at 29,388.30, as companies such as Nissan Motor Co gave up gains after reporting relatively favorable earnings. But SoftBank Group Corp slumped after posting losses for the second year in a row.

European benchmarks rose on Friday after Asian shares mostly fell on rising concerns over US banks and a fall in demand from China, a key driver of the region’s growth.

France’s CAC 40 rose 1.0% to 7,451.96 in early trade. Germany’s DAX rose 0.6% to 15,931.25. Britain’s FTSE 100 rose 0.5% to close at 7,767.52.

In the US, Dow futures were up 0.4%, while S&P 500 futures added 0.4%.

Meanwhile, oil prices declined, while currencies traded in a narrow range.

Indian markets opened with a slight decline on Friday due to weakness in global markets amid signs of a slowdown in the US economy. The BSE Sensex opened at 61,857.69, down 0.08% or 46.83 points, and the Nifty opened at 18,273.75, down 23.25 points.

Rupee Friday closed 7 paise lower against the US dollar, registering its worst week in eight, led by broad-based strength in the dollar index.

Foreign Institutional Investors (FII) net bought Indian shares 1,014.06 crore, while Domestic Institutional Investors (DIIs) net sold shares 922.19 crore on Friday, provisional data on the exchanges showed.

Top Nifty Gainers and Losses

Eicher Motors was the top gainer on the Nifty index, gaining 5.85%, followed by Mahindra & Mahindra (up 1.90%), IndusInd Bank (up 1.73%), Axis Bank (up 1.68%) and Hindustan Unilever (up 1.03%) .

Top losers in the index included Hindalco Industries (down 3.58%), BPCL (down 2.79%), PowerGrid Corporation (down 2.60%), NTPC (down 2.45%) and Tata Steel (down 1.57%).

In the Nifty pack, 21 stocks ended in the green while 29 closed in the red.

Read here: Top gainers, losers in today’s trade: Eicher Motors, Manappuram Fin, M&M, Hindalco – View full list here

regional exposure

Sectorally, Nifty Bank, Nifty Auto, Nifty Financial Services and Nifty FMCG ended in the green, while Nifty Metal, Nifty Media, Nifty Pharma, Nifty Realty and Nifty IT remained under selling pressure.

The Nifty Bank index advanced for the third straight session, while the Nifty Auto index hit an all-time high during the day.

Experts view on the market

“On Monday the markets will react to India’s inflation data and Karnataka election results. Market is now consolidating since last 4 days and waiting for fresh triggers for next leg of rally as market structure remains positive. Siddharth Khemka, Head-Retail Research, Motilal Oswal Financial Services Ltd said that investors will keep an eye on the economic data to be released next week.

(With PTI inputs)