Indian Markets closed flat, Nifty Midcap and Smallcap gained more than 1%

 

Indian stock market opened in a negative note as Asian markets cues were not supportive in the morning. The markets were trading volatile in a tight range today. The Nifty midcap and smallcap indices outperformed the benchmark indices and made a decent gain today.

Today, the traders remained cautious as the RBI sounded a note of caution saying that protected spread of the coronavirus pandemic poses a downside risk to the domestic economy which is expected to remain in the negative zone in current fiscal FY21.

The market sentiment becomes subdued after a private report says that business optimism for the September end quarter will be record low due to the sharp rise in coronavirus infection cases and extension of lockdown in containment zones.

 

Also Read, Coronavirus impact on various sectors & Indian economic growth

 

However, the market took some support with a private report that the Centre is looking to expand the scope of the Production-Linked Incentive (PLI) scheme to a few more sectors. The Finance Ministery, NITI Aayog and line ministries are reportedly discussing the PLI scheme for sectors like Chemicals, Fertilisers, Solar equipment including solar cells, power equipment sector, electric vehicle (EV) components (batteries, auto parts)

On the global front, Asian markets were closed in the red as investors were cautious about rising coronavirus cases and the US-China review on the phase 1 trade deal. The European markets are trading absolutely flat at 4.30 p.m IST. The US Dow and Nasdaq futures are trading marginally lower.

 

Indian Market: Sensex, Nifty, Bank Nifty, Midcap & Smallcap, Gainers & Losers

 

At close, the Nifty gained 13.90 points or 0.13% and at 11214.05 while Sensex was up by 15.12 points or 0.04% and closed at 38040.57. The Bank Nifty gained 111.40 points or 0.52% and closed at 21754

The Nifty midcap and smallcap 100 indices outperformed the benchmark indices today. The nifty midcap index gained 198.20 points or 1.25% and at 16103.35 levels. The smallcap index was up by 54.60 points or 1.05% and closed at 5262.90.

The top five Nifty50 index gainers for the day are Asian Paints, Bajaj Finance, UPL, IndusInd Bank, and Bajaj Finserve. The top losers in the Nifty50 index are Titan Company, HCL Tech, Infosys, M&M, and Sun Pharma. The most active stocks for the day were Bajaj Finance, Reliance, and HDFC Bank.

The top gainers in the Nifty midcap for the day are RBL Bank and Adani Green En whereas the losers are Varun Beverages and PI Industries. The top gainers in the Nifty smallcap index are GMM Pfaudler and Delta Corp and on the losing side, Deepak Nitrate and Jain Irrigation were the top losers in Nifty smallcap today.

On the sectoral front, Metals & Mining, Automobiles, Banking & Finance, Chemicals, and Capital goods sectors closed in a strong note. The sectors that closed in the red are IT & Software, Healthcare, Insurance, Aviation, and Textiles.

 

Nifty and Bank Nifty share price movement in futures today

 

The Nifty share price in futures opened at 11161.90, it made a negative opening of 37.6 points today. It has touched an intraday high at 11250 and a day’s low at 11142

The Nifty share price in futures has given a movement of 108 points. In the end, it gained by 29.6 points or 0.26% and closed at 11229.10 levels

The Bank Nifty share price in futures opened at 21600 it was made a negative opening of 41.95 points today. It has touched an intraday high at 21835 and a day’s low at 21435.50

During the day the Bank Nifty share price in futures has given a movement of 399.5 points. In the end, it gained by 153.3 points or 0.71% and closed at 21795.25 levels.

 

Conclusions

 

Indian markets closed in a positive note amid volatility. The market traded in a tight range today. The Nifty midcap and smallcap indices outperformed today. Indian market sentiments remained optimistic despite the rising cases of coronavirus infection.

Please visit tomorrow to read last week’s market wrap up and key factors that will influence the market next week on our website. 

 

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