Sensex, Nifty end flat after hitting record highs; Rallis India jumps 13%, M&M falls 4%

Domestic equity markets ended the week on a flat note after scaling fresh all-time highs. Traders avoid any unwarranted position ahead of extended weekend for the Indian markets. Buying in metal and FMCG stocks was offset by selling pressure in select index heavyweights.

For the day, BSE's Sensex added 33.40 points, or 0.05 per cent, to settle at 74,119.39. NSE's Nifty50 index gained 19.50 points, or 0.09 per cent, to end the session 22,493.55. Broader markets outperformed the headline peers as BSE midcap index rose one-third per cent, while the BSE smallcap index jumped 0.70 per cent. Fear gauge India VIX shed about 5 per cent to 13.61-levels.

Although markets once again hit new highs, it moved sideways intra-day in lacklustre trades before eking out modest gains on the back of selective buying in metals, capital goods and telecom stocks, said Prashanth Tapse, Senior VP (Research) at Mehta Equities. "However, weakness in banking, oil & gas and auto stocks tempered the gains," he said.

On a sectoral front, the Nifty media index rose over 2.5 per cent, while the Nifty metal index gained about 1.4 per cent. The Nifty FMCG gained about a per cent for the day. The Nifty oil & gas index declined more than 1.2 per cent. The Nifty private bank index and auto index also settled in red.

In the Nifty50 pack, Tata Consumer Products and Tata Steel rose more than 3.5 per cent each. Bajaj Auto rose more than 3 per cent, while UPL, JSW Steel and Tata Motors gained more than 2 per cent. Among the laggards, Mahindra & Mahindra shed 4 per cent, while Bharat Petroleum ended 2.4 per cent. Reliance Industries was down 1.6 per cent for the day.

Equity benchmark indices edged higher after hitting a record high amid a firm trend in the US market and FII inflows. Moreover, faster than expected economic growth for the current fiscal year boosted sentiments for metal and capital goods stocks, said Vinod Nair, Head of Research, Geojit Financial Services.

"Global indices exhibited mixed sentiments, driven by the Fed’s signals of hope for a potential rate cut this year. Further clarity on the labour market, anticipated with the release of non-farm payroll data on Friday, will offer insights into potential rate adjustments," he said.

A total of 3,922 shares were traded on BSE on Thursday, of which 2,117 settled with gains. 1,688 stocks ended the session with cuts while 117 shares remained unchanged. During the day, 297 shares hit their upper circuit, whereas 320 shares tested the lower circuit levels for the day.
 

In the broader markets, Rallis India surged more than 13 per cent, while Tata Chemicals rose about 12 per cent. Force Motors and Rico Auto Industries hit upper circuits of 10 per cent each. IIFL Finance also ended 10 per cent. Among the laggards, Monarch Networth Capital shed 10 per cent for the day. Manoram Capital and JP Associates were down 5 per cent each.