Sensex, Nifty End Flat; Auto, Metal Stocks Underperform, FMCG Shares Gain

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Sensex, Nifty End Flat; Auto, Metal Stocks Underperform, FMCG Shares Gain

The Indian equity benchmarks ended on a flat note on Friday as gains in index heavyweight Reliance Industries, Asian Paints, ITC, Larsen & Toubro and Hindustan Unilever were offset with losses in HDFC Bank, Tata Consultancy Services, Infosys, State Bank of India and HDFC. For most part of the day, the benchmarks traded in a narrow range wherein the Sensex moved in a range of 425 points and Nifty 50 index touched an intraday high of 14,749.65 and low of 14,591.90.

The Sensex ended 42 points or 0.09 per cent higher at 48,733 and Nifty 50 index declined 19 points to close at 14,678.

“Indian indices have shown sturdiness despite the increasing cases however sustainability at higher levels seems difficult if the situation aggravates. In addition, this fear of inflation flourishing in developed markets may continue to trickle down to India and keep our bourses under pressure. Stock specific volatility due to quarterly earnings cannot be ruled out. And going ahead, investors are advised to keep the company’s future guidance in mind before investing in stocks. Nifty50 closed the week at 14,677.8, down by 0.98 per cent,” Nirali Shah, head of equity resear at Samco Securities tld NDTV.

All the 11 sector gauges compiled by the National Stock Exchange, barring the index of FMCG shares ended lower led by the Nifty Metal index’s nearly 4 per cent fall. Metal stock succumbed to profit-booking after staging a strong upmove. Nifty Auto, Media, Pharma, PSU Bank, and Bank indices also fell between 1-2 per cent.

Mid- and small-cap shares also faced selling pressure as Nifty Midcap 100 index dropped 1.7 per cent and Nifty Smallcap 100 index declined 1.5 per cent.

Among the individual shares, Apollo Tyres fell as much as 7.37 per cent to hit an intraday low of Rs 204.70 despite it reported a jump of 268 per cent in net profit in quarter ended March 2021. Apollo Tyres consolidated net profit came in at Rs 289 crore compared with Rs 78 crore in the corresponding period last year. Its sales jumped 39 per cent to Rs 4,927 crore compared with Rs 3,551 crore in the same quarter last year.

Asian Paints was top Nifty gainer, the stock rose 8.44 per cent to close at Rs 2,772 after it reported jump of 81 per cent in standalone net profit for quarter ended March 2021. Asian Paints net profit came in at Rs 820 crore compared with Rs 452 crore during the same quarter last year. Its revenue from operations advanced 46 per cent to Rs 5,671 crore as against 3,879 crore in the corresponding period a year ago.

UPL, ITC, Nestle India, Larsen & Toubro, Hindustan Unilever, Britannia Industries, Power Grid, Reliance Industries, Tata Consumer Products, Cipla and SBI Life rose between 0.6-7 per cent.

On the flipside, Coal India, Tata Steel, Tata Motors, Hindalco, IndusInd Bank, Grasim Industries, Mahindra & Mahindra, Adani Ports, State Bank of India, NTPC, Wipro and Dr Reddy’s Labs were among the losers.

The overall market breadth was negative as 1,688 shares ended lower while 1,401 closed higher on the BSE.

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