The Indian stock market ended flat for the second consecutive session on Monday. The Sensex ended 65 points, or 0.08 per cent, down to 85,641.90, while Nifty closed the day at 26,175.75, down 27 points or 0.10 per cent. In the previous session, Nifty declined 0.05 per cent and the Sensex dipped by 0.02 per cent.
The BSE Midcap index fell 0.19 per cent but the Smallcap index rose by 0.05 per cent on Monday, while the overall market capitalisation of BSE-listed firms remained largely unchanged at ₹474 lakh crore. The domestic market ended lower despite strong Q2 GDP data, which came at a six-quarter high of 8.2 per cent.
Banking and financial majors, including HDFC Bank, Bajaj Finance and SBI, ended among the top drags on the key indices. Market benchmarks ended flat with negative bias as investors digested strong real GDP numbers but weakness in the nominal GDP growth. Nominal GDP, which is economic growth before adjusting for inflation, grew by 8.7 per cent during the quarter.
Fading expectations of an RBI rate cut also kept the market mood sombre. The central bank may keep rates steady amid a strong growth and low inflation scenario.
“After reaching a new high, the market moved into a range-bound phase as expectations of an RBI rate cut in December faded following better-than-expected Q2 GDP growth and a sharp depreciation of the rupee,” analysts noted.
Shares of UltraTech Cement (up 3.56 per cent), Tata Motors Passenger Vehicles (up 1.88 per cent) and Maruti Suzuki India (up 1.42 per cent) ended as the top gainers. As many as 25 stocks, including Max Healthcare Institute (down 2.67 per cent), InterGlobe Aviation (down 2.19 per cent) and Bajaj Finance (down 1.71 per cent), ended lower in the index.
After hitting a record high of 60,114.30 during the session, Nifty Bank slipped by 0.12 per cent to end at 59,681.35. Nifty Financial Services closed with a loss of 0.27 per cent. Nifty Realty and Healthcare indices fell by a per cent each.
On the other hand, the Nifty Auto index rose by 0.79 per cent, while the Metal index rose by 0.58 per cent.
Out of 4,455 stocks traded on the BSE, 1,836 advanced, while 2,405 declined. Some 214 stocks remained unchanged. Mahindra and Mahindra, Adani Ports, Bank of Baroda, Hero MotoCorp and Vedanta were among the 151 stocks that hit their 52-week highs in intraday trade on the BSE. United Breweries, Trent, Page Industries, Deepak Nitrite, and SJVN were among the 197 stocks that hit their 52-week lows on the BSE.
An analyst from Research and Development at SBI Securities said 26,300-26,330 will act as an important hurdle for the index. Any sustainable move above the 26,330 level will lead to a sharp upside rally up to the 26,500 level in the short term. While on the downside, the zone of 26,090-26,060 will act as crucial support for the index.
Also read: Sensex, Nifty end on record highs amid US Fed rate cut hopes
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