Benchmark indices recovered from the intraday lows but ended with marginal losses in the volatile session on Monday. At close, the Sensex was down 86.61 points or 0.16 per cent at 54,395.23, and the Nifty was down 4.60 points or 0.03 per cent at 16,216.
Eicher Motors, ONGC, Dr Reddy’s Labs, Tata Steel, M&M, Coal India, and Adani Ports were the top Nifty50 gainers, rising nearly 4 per cent. On the flipside, selling in Bharti Airtel (down 5 per cent), TCS (down 4.7 per cent), HCL Tech, Infosys, BPCL, and Tech M capped the gains. These shares fell between 2 per cent and 5 per cent.
Meanwhile, the BSE SmallCap index outperformed the frontline indices handsomely as it added over 1 per cent on the BSE. Its MidCap counterpart, on the other hand, gained 0.6 per cent.
Sectorally, except the Nifty IT index, which closed 3 per cent lower, all other indices eked out gains. The Nifty PSU Bank index was the top gainer, up 2 per cent, amid reports that the Centre is seeking to remove the 10 per cent shareholding cap for individuals in public sector banks (PSBs) — a move that will enable private equity (PE) firms to pick up stakes in PSBs on the block for privatisation.
Adani Group shares rallied up to 12 per cent on the BSE in Monday’s intra-day trade, in otherwise a weak market, amid the group’s foray into telecom business.
Among other stocks, Avenue Supermarts rose 2.7 per cent. The company reported an over six-fold jump in its consolidated net profit to Rs 642.89 crore in Q1FY23.
Vinod Nair, head of research at Geojit Financial Services, said: “As the domestic market turned its focus towards quarterly results, the weak start of IT earnings wounded the sentiments, forcing benchmark indices to open on a weak note. However, with support from banking, metal and energy stocks, the domestic market managed to pare its losses to close flattish. India’s June inflation data, which is due for tomorrow, is expected to remain in line with May’s inflation rate of 7.04 per cent. Meanwhile, the US inflation data due on Wednesday is expected to show a further increase from its current peak level of 8.6 per cent during May.”
Global Cues
Asian shares started cautiously on Monday as investors braced for a US inflation report that could force another super-sized hike in interest rates, and the start of an earnings season where profits could be under pressure. MSCI’s broadest index of Asia-Pacific shares outside Japan hovered around flat. South Korea eased 0.3 per cent, but Japan’s Nikkei added 1.5 per cent.
Tokyo stocks opened higher on Monday after Japan’s ruling bloc secured a strong win in Sunday’s upper house election, held just days after the assassination of former premier Shinzo Abe. The benchmark Nikkei 225 index was up 1.55 per cent, or 411.63 points, at 26,928.82 in early trade, while the broader Topix index advanced 1.41 per cent, or 26.62 points, to 1,914.06.
Wall Street ended little changed on Friday after a volatile session in which investors tried to comprehend how a robust jobs report would influence the US Federal Reserve and its plans to aggressively hike interest rates.
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