Market closes flat: Sensex, Nifty marginally up on tepid cues from global markets; HDFC, RIL, IT stocks close with gains

Sensex ended 59 points higher after a highly volatile session on Monday amid tepid cues from global markets as concerns over COVID-19 kept investors on edge.

FP Staff April 20, 2020 16:34:20 IST
Market closes flat: Sensex, Nifty marginally up on tepid cues from global markets; HDFC, RIL, IT stocks close with gains

The benchmark indices opened marginally positive and traded the session near neutral line between positive and negative territory amidst mixed global cues.The market session remained highly volatile and ended on a flat note.

Sensex ended 59 points higher after a highly volatile session on Monday amid tepid cues from global markets as concerns over COVID-19 kept investors on edge.

After swinging over 566 points during the day, the 30-share index ended 59.28 points or 0.19 percent higher at 31,648. On the other hand, the NSE Nifty settled 4.90 points, or 0.05 percent, lower at 9,261.85.

Sumeet Bagadia, Executive Director, Choice Broking said: "Finally the Nifty settled its closing with marginal gain after giving a flat opening on back of global cues.

"As per OI data, it seems that the Nifty might play its game between the ranges of 9,130 to 9,380-level until and unless there is an either side breakout in upcoming trading sessions. However, during the closing hours of trading, there was some profitbooking in some private banking counters based on which BankNifty dragged its movement towards the lower level for the day. For the time being, as per OI data and technical, the resistance comes at 9,350-9,380, while downside support comes at 9,130 to 9,100-level," Bagadia said.

Market closes flat Sensex Nifty marginally up on tepid cues from global markets HDFC RIL IT stocks close with gains

Representational image. Reuters

A strong gain in stocks such as HDFC Bank, Sun Pharma and Infosys was offset by selling in Axis Bank, ICICI Bank and ITC among others.

HDFC Bank was the top gainer in the Sensex pack, rallying nearly 4 percent, after the lender posted a 15.4 percent rise in consolidated net profit at Rs 7,280.22 crore for the March quarter on healthy interest income.

Infosys jumped over 3 percent ahead of its quarterly earnings, scheduled to be announced later in the day.

Sun Pharma, NTPC, HCL Tech, Tech Mahindra, HDFC, RIL and TCS also closed with gains.

Mid and small cap indices, however, outperformed the major indices. Sectorally, indices traded mixed; metal and FMCG were the top laggards. Tata Motors, HDFC Bank, Infosys and NTPC were the top gainers in today’s session. Going ahead, market will continue to witness high volatility amidst development related to coronavirus and economic lockdown.

On the other hand, Axis Bank was the top laggard, followed by ITC, ICICI Bank, IndusInd Bank and Maruti Suzuki.

The domestic market opened on a positive note but lost the momentum as traders booked profit amid weak global markets as both equity and commodity - especially crude oil - came under pressure amid global slowdown fears, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi to PTI.

In the afternoon session markets continued to trade in a narrow range and swung between positive and negative zones, he added.

Bourses in 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 USD 27.09 per barrel.

Rupee declines 14 paise against dollar

The rupee declined by 14 paise to settle at 76.53 (provisional) against the US dollar amid strengthening of the American currency overseas and a sharp rise in coronavirus cases in the country.

Forex traders said a firm US dollar weighed on the local unit. Besides, investor sentiment remain fragile amid concerns over the impact of coronavirus outbreak on the domestic as well as global economy.

At the interbank foreign exchange, the rupee opened strong at 76.43, but soon lost ground and finally settled at 76.53, registering a fall of 14 paise over its previous close.

The death toll due to COVID-19 rose to 543, while the number of cases in the country climbed to 17,265.

Global tally of the infections has crossed 24 lakh, with over 1.65 lakh deaths.

Updated Date:

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