Home Markets All sectoral indices end in green, except for Nifty IT, down for the 2nd day straight

All sectoral indices end in green, except for Nifty IT, down for the 2nd day straight

by Aamar Deo Singh (Head Advisory, Angel Broking Ltd)
Oct 12, 2021
All sectoral indices end in green, except for Nifty IT, down for the 2nd day straight, Market, KonexioNetwork.com

Benchmark Indices endon a positive note

The domestic indices started on a lower note, mirroring the cues from global peers, which indicated a negative opening for the indices. The Nifty consolidated post opening, but then slipped on the lower side to trade in the negative territory. However Nifty witnessed some recovery during the last hours of the trade, which saw the index end the day in the green. The Nifty recovered more than 120 points from the lows to end at record high levels.

Broader Market Movement

The broader indices, midcap and small cap extended their rally to 4 days in a row, as both the indices outperformed the benchmarks. The midcap ended with gains of 0.55 percent and the small cap ended the day, gaining 0.80 percent. Looking at the sectoral performance, Nifty PSU Bank index was the top performer of the day, up more than 3 percent, followed by Media and FMCG indices. Whereas, Nifty IT continued to be the only top losing sectoral index for the 2nd day in a row, down nearly 1 percent. On the other side, the top performing stocks of the day were, Titan, Bajaj Auto and SBIN. HCL Tech, HDFC Life and Tech Mahindra were among the top losers, down over 1 to 4 percent.

Stock in News

HCL Tech expanded its strategic partnership with Google Cloud to jointly launch healthcare and life sciences solutions for customers, the stock ended the day as the top loser from the Nifty 5O, down 4 percent. Tata Motors shares rose nearly 5 percent during intraday after the automaker's global wholesales in Q2 FY22, including Jaguar Land Rover, were higher by 24 percent as compared to Q2 FY21.

Global Data Front

The US benchmark indices started the new trading week on a negative note. The indices after seeing a move to the upside early in the session, moved lower to end on a negative note, adding to the losses seen on Friday. The futures of Wall Street's three major indices are trading on a mixed note. The Dow Jones Futures down 0.05 percent, the Nasdaq Futures up 0.21 percent, and the S&P 500 Futures up 0.10 percent. While on the European front, the indices are trading on a negative note.

To summarise, Indian benchmark indices ended higher for the fourth consecutive session at record closing levels. At close, the Sensex was up 148 points or 0.25% at 60284, and the Nifty was up 46 points or 0.26% at 17991. The levels to monitor on Nifty for the coming days is 18100 on the upside, and on the downside, 17750 - 17700 would be the levels to keep an eye on.