Nifty50 erased early gains and closed below 17K today
Closing Bell: Sensex & Nifty50 erased their early gains and closed in the red
Indian equity benchmark indexes opened flat on Tuesday amid mixed cues from the global markets. The US and European markets closed positive on Monday as investors were betting the new covid variant Omicron will cause less damage to the global economic recovery than initially feared. Whereas the Asain markets were trading mixed in the morning deal.
Sensex and Nifty50 Today
The benchmark index, Sensex opened at 57272.08, up only 11.5 points while Nifty50 today made a flat opening at 17051.15 levels, down just 2.8 points from the previous close. The Bank Nifty also opened marginally lower by 17.56 points at 35958.80 levels. The broader markets bounced back on Tuesday.
After a few minutes of trading, markets extended their gains and were trading firm in the morning deals with gains of over one percent each on account of buying in almost all sectors barring healthcare. Morning gains were led by Realty, PSU Banks, and Capital goods counter.
Stock Market News
Traders took support with Minister of State for Finance Pankaj Chaudhary’s statement the net direct tax collection grew nearly 68% from April to November 23 to more than 6.92 lakh crore. Some support also came in as India Ratings expects the economy to grow 8.3 percent in Q2 and close the year with 9.4 percent in FY22.
In the late morning session, a profit booking at a higher level was witnessed in the markets mostly in the metal, auto, and energy sectors. Due to the weakness in the US futures and European markets, Indian markets erased all gains in the last hour and closed in the red. Investors have become cautious after Moderna cast doubt on the efficacy of vaccines on the Omicron Covid Variants.
Meanwhile, investors are also eying Q2FY22 GDP numbers to be later today. India is expecting a boost in GDP numbers due to the openness of business as Pandemic has declined in the second quarter
Indian stock market indexes at close
At the close, Nifty50 today declined 70.75 points or 0.41 percent and closed at 16983 while Sensex was down by 195.71points or 0.34 percent and finished at 57064.87 levels. The Bank Nifty index closed lower by 281.15 points or 0.78 percent and ended at 35695.30 on the spot levels today.
The broader markets outperformed today compared to benchmark indices. In the second half, the midcap and smallcap indexes trimmed most of their gains. The Nifty midcap index gained by 135.40 points or 0.46 percent and closed at 29650.65 levels. The Nifty smallcap index was up by 170.65 points or 1.63 percent and finished at 10660.90 levels.
Top Nifty Gainers and Losers
The top five gainers in the Nifty50 index were Power Grid, Shree Cement, Bajaj Finserve, Titan, and Tata Consumer Products. The Nifty50 top five losers were Tata Steel, Kotak Bank, JSW Steel, Adani Port, and Bajaj Auto
The top gainers in the Nifty midcap index were V-Gaurd Ind, Navin Fluorine, and Indian Hotels and the losers were Godrej Industries, Godrej Properties, and Mphasis.
The top gainers in the Nifty smallcap index were Sonata, KEI Industries, and UTI AMC and the losers were Future Retail, Trident, Cyient.
The most active stocks in terms of value in the Nifty index were Reliance, Infy, and HDFC. The most active stocks in terms of volume in the Nifty index were Coal India, Tata Motors, and Power Grids.
On a sectoral front, Consumer Durables, Realty, IT, and FMCG sectors closed in the green. The sectors that closed in the red were Metals, Auto, Banking, Energy, and Media.
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