Sensex, Nifty flat in early trade ahead of December derivatives contracts expiry; Bharti Airtel, Bajaj Auto among top losers

  • After opening on a positive note, the 30-share BSE index was trading 47.67 points or 0.11% higher at 41,413.59 in the morning session

  • Bharti Airtel was the top loser in the Sensex pack, shedding up to 0.73%, followed by Bajaj Auto, ONGC, RIL, Sun Pharma and Axis Bank

  • In the previous session, the 30-share gauge ended 181.40 points, or 0.44%, lower at 41,461.26

Equity benchmark indices were flat in the early trade on Thursday ahead of the expiry of December derivatives contracts amid thin trade in global equities due to year-end holidays.

After opening on a positive note, the 30-share BSE index was trading 3.48 points or 0.01 percent higher at 41,464.74 in the morning session. Similarly, the broader NSE Nifty slipped 1.65 points or 0.01 percent to 12,212.90.

Bharti Airtel was the top loser in the Sensex pack, shedding up to 0.73 percent, followed by Bajaj Auto, ONGC, RIL, Sun Pharma, Axis Bank, PowerGrid, Infosys and HDFC Bank.

 Sensex, Nifty flat in early trade ahead of December derivatives contracts expiry; Bharti Airtel, Bajaj Auto among top losers

Representational image. Reuters.

On the other hand, Mahindra and Mahindra was the top gainer, rising up to 1.18 percent. Tata Steel, Nestle, IndusInd Bank, SBI, Bajaj Finance and HCL Tech were also trading in the green. The market remained shut on Wednesday on account of Christmas.

Sectoral indices at the National Stock Exchange (NSE) were mixed. Nifty metal rose by 0.47 percent but Nifty pharma slipped by 0.29 percent and PSU bank by 0.21 percent.
Among stocks, Tata Steel gained by 1.2 percent to Rs 468.80 per share while JSW Steel moved up by 1.1 percent.

The other prominent gainers were Mahindra & Mahindra, Bajaj Finserv and Yes Bank.

However, Dr Reddy's, Zee Entertainment, Bharti Airtel, Bharti Infratel and ONGC traded with marginal losses.

In the previous session, the 30-share gauge ended 181.40 points, or 0.44 percent, lower at 41,461.26. Similarly, the Nifty closed 48.20 points, or 0.39 percent, down at 12,214.55.

Meanwhile, on a net basis, foreign institutional investors sold equities worth Rs 114.38 crore, and domestic institutional investors offloaded shares worth Rs 345.22 crore on Tuesday, data available with stock exchange showed.

According to traders, market has turned volatile ahead of the expiry of December futures and options (F&O) contracts. Further, with investor participation turning thin on account of year-end holidays in domestic and global markets, investors are awaiting directional cues, they said.

Rupee rises 5 paise

The Indian rupee opened on a positive note and rose 5 paise to 71.22 against the US dollar in early trade on Thursday as a steady rise in crude oil prices weighed on the investor community.

At the interbank foreign exchange, the rupee opened at 71.26 then rose to 71.22 against the dollar, showing a rise of 5 paise over its previous closing.

On Tuesday, the rupee had depreciated by 9 paise to close at 71.27 against the US dollar amid heavy selling in domestic equities and steady rise in crude oil prices.

Japanese shares up

Bourses in Shanghai, Tokyo and Seoul were trading on a positive note.

Japanese shares rose on Thursday, rallying after eight sessions of intra-day weakness in trades marking the final settlements for 2019 and driven by expectations of a Sino-US trade deal early in the new year.

The Nikkei index was up 0.42 percent to 23,883.43 points, taking its gains for the year so far to 18.83 percent. The broader Topix index was up 0.36 percent.

The rally was broad-based with investors counting on an end to the prolonged trade war to prop up a market that has been disproportionately hurt by flagging global demand, but led by the industrials and consumer discretionary sectors.

Oil prices up on breakthrough in US-China trade deal

Oil prices rose on Thursday, buoyed by a potential breakthrough in the Sino-US trade war and OPEC-led efforts to constrain supply, although trading was quiet as many markets were in holiday mode.

Brent crude was up 16 cents, or 0.2 percent, at $67.36 a barrel.

West Texas Intermediate was up 20 cents, or 0.3 percent, at $61.31 a barrel.

With inputs from agencies

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Updated Date: Dec 26, 2019 10:41:31 IST