Sensex closes 8.36 points higher at 40,802, Nifty falls by 7.85 points; Bharti Airtel, RIL among top gainers
Market gauges Sensex and Nifty closed on a flat note after a see-saw trade on Monday as losses in auto and private bank stocks offset rally in telecom counters.
After a volatile day of trading, the 30-share BSE Sensex closed marginally higher by 8.36 points or 0.02 percent at 40,802.17
The index swung between a high of 41,093.99 and a low of 40,707.63 during the day
Investors turned cautious weighing weak GDP numbers and continued drop in automobile sales, bringing banking and auto sector stocks under pressure
Mumbai: Market gauges Sensex and Nifty closed on a flat note after a see-saw trade on Monday as losses in auto and private bank stocks offset rally in telecom counters.
Investors turned cautious weighing weak GDP numbers and continued drop in automobile sales, bringing banking and auto sector stocks under pressure.
#MarketAtClose | Market little changed after a volatile session; #Nifty just below flatline. #Sensex recovers around 100 points after a nearly 300-pt fall from opening highs pic.twitter.com/IEstsNfNWY
— CNBC-TV18 (@CNBCTV18Live) December 2, 2019
Besides, participants also took a defensive stance ahead of Reserve Bank's monetary policy meet.
After a volatile day of trading, the 30-share BSE Sensex closed marginally higher by 8.36 points or 0.02 percent at 40,802.17. The index swung between a high of 41,093.99 and a low of 40,707.63 during the day.
On the other hand, the broader NSE Nifty settled 7.85 points or 0.07 percent down at 12,048.20.
On the Sensex chart, Bharti Airtel emerged as the biggest gainer with a rise of 3.67 percent. Reliance Industries, parent firm of RJio, rose 2.28 percent.
Shares of telecom companies surged on the back of new tariff plans announced by the operators to be effective from 3 December onwards.
Another operator Vodafone Idea too saw its shares close over 14 percent at Rs 7.79 per unit on the BSE. The stock rose 22.63 percent to Rs 8.40 on the NSE.
Apart from Airtel and RIL, other top Sensex gainers were Asian Paints, Kotak Bank and Mahindra and Mahindra.
On the other hand, Yes Bank was the biggest loser in the pack, dropping 6.22 percent. It was followed by Bajaj Finance, ONGC, Sun Pharma, Maruti Suzuki and Tech Mahindra - falling up to 3 percent.
Subdued sales numbers of automobile companies led to fall in their shares.
Sectorally, telecom emerged as the top-performing BSE index, surging over 2.64 percent. Other sectoral gainers on the BSE were energy, metal and basic materials, rising up to 1.28 percent
On the other hand, auto, IT and healthcare indices witnessed a decline. Of the 19 sectoral indices, 4 ended in the green and 15 in the red.
"Despite positive sentiment in the global market due to better-than-expected manufacturing data in China, the domestic market traded range-bound on account of weak GDP, auto sales and ahead the RBI's monetary policy this week. But market hopes for further stimulus and ease in interest rates to revive the slowing economy. Weakness was broad-based while telecom stocks jumped on account of aggressive tariff revision,"
Vinod Nair, Head of Research at Geojit Financial Services, said.
On the currency front, the Indian rupee appreciated by 10 paise to 71.64 against the US dollar.
Brent crude, the global oil benchmark, surged 2.36 percent to $61.92 per barrel in futures trade.
Asian markets were broadly higher following a survey showed Chinese factory activity strengthened investor sentiment.
Also, investors were also hopeful about a possible US-China trade deal ahead of December 15 deadline for tariff hike.
On Friday, foreign institutional investors offloaded shares worth Rs 1,892.29 crore in the capital market, while domestic institutional investors bought equities worth Rs 953.62 crore, data available with stock exchange showed.
After gyrating 877 points during the day, the 30-share BSE index ended 259.62 points or 0.53 per cent higher at 48,803.68
Market indices fell around 3.5 percent on Monday, 12 April amid rising COVID-19 cases and vaccine supply crunch in the country
After falling by around 3.5 percent on Monday, the BSE Sensex reclaimed the 48,500 mark while the NSE Nifty traded above 14,500