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NEW DELHI: Domestic equity indices ended almost flat on Thursday as gains in bank, metal and auto stocks were offset by losses in select IT, technology, pharma and FMCG heavyweights.
Profit-booking at higher levels kept the equity benchmarks choppy throughout the day, causing them to end flat with a negative bias.
Positive global cues and positive macroeconomic news that indicated green shoots in the economy capped the losses.
Rising for the 15th consecutive month, the Nikkei India Manufacturing Purchasing Managers' Index stood at 53.1 in October, compared with 52.2 in September as new orders and production increased at the quickest rate in four months.
GST collections in October crossed the Rs 1 lakh crore mark, after a gap of 5 months, backed by festive demand and anti-evasion measures.
A World Bank report showed India jumped 23 places to the 77th position in the 'ease of doing business' ranking.
Despite all these positives, equity barometer Sensex lost 10 points, or 0.03 per cent, to end at 34,431, with 15 stocks in the green and 15 in the red.
NSE’s Nifty50 settled 6 points down at 10,380.
Let's take a look at the highlights of today's session:
Sensex evenly poisedWith 15 stock gaining and an equal number of stocks losing, Sensex remained evenly poised.
Among the gainers, bank, auto and metal counters dominated.
IT, pharma, financial and FMCG stocks led the losers.
YES Bank surged 8.35 per cent, topping the Sensex pack.
Axis Bank, IndusInd Bank, Larsen Toubro, State Bank of India and PowerGrid featured as the other top gainers.
Infosys, Coal India, NTPC, Sun Pharma, Mahindra Mahindra and Asian Paints were top losers in the Sensex pack.
HDFC missed Street estimatesHDFC missed Street estimates on September quarter earnings.
The financial firm posted a 24.71 per cent year-on-year (YoY) rise in profit at Rs 2,467 crore for the quarter ended September 30.
The mortgage lender had posted a profit of Rs 1,978.19 crore in the corresponding quarter last year.
Analysts in an ETNOW poll had estimated the profit figure at Rs 2,550 crore.
The stock settled 0.44 per cent down at Rs 1,761.70 on BSE.
Godrej Properties stellar Q2 showRealty firm Godrej Properties reported a sharp jump in consolidated net profit at Rs 20.57 crore for the second quarter of this financial year.
Net profit stood at Rs 0.21 crore in the year-ago period, the company said in a regulatory filing.
Shares of the company settled at Rs 598.45, down 0.05 per cent on BSE.
Bajaj Electricals lights up post Q2Consumer durables firm Bajaj Electricals posted a 79.56 per cent year-on-year jump in standalone net profit at Rs 34.08 crore for the second quarter ended September.
The company had reported a net profit of Rs 18.98 crore in the corresponding quarter last fiscal.
Shares of the company jumped 3.68 per cent to Rs 504.40.
Midcaps, smallcaps outperform SensexBSE Midcap and Smallcap indices climbed over 1 per cent today, outperforming the benchmark Sensex.
Both the indices extended their rise to the fourth consecutive session.
Adani Power, IIFL Holdings, Motilal Oswal Financial Services, Adani Transmission and LT Finance Holdings emerged as the top gainers from the midcap space.
Shemaroo Entertainment, PC Jeweller, DPL, Elecon Engineering and Sangam (India) stood as the top gainers in the smallcap index.
IT stocks tanked on rupee riseThe domestic currency rose up to 50 paise against the US dollar as the greenback eased today against its peers.
As per Reuters, the dollar index fell by 0.4 per cent to 96.715, easing from a 16-month high of 97.2 hit in the previous session.
Rupee’s rise did not go down well with the IT stocks and most of them, including HCL Tech, Tech Mahindra, Mindtree, Infosys, OFSS, Wipro and Tata Consultancy Services, settled in the red.
Auto stocks mixed on Oct salesTata Motors reported an 18 per cent increase in domestic sales to 57,710 units in October as compared to 48,886 units in the same month last year.
Shares of the company closed flat.
Ashok Leyland reported a 17 per cent rise in total sales at 15,149 units in October.
Shares of the company declined 1.31 per cent.
MM reported 14 per cent increase in its total sales at 58,416 units in October.
The stock settled 1.06 per cent lower.
Maruti Suzuki reported a marginal increase in sales at 1,46,766 units in October.
Shares climbed 1.52 per cent on BSE.
Stocks at 52-week lowsAs many as 127 stocks, including Meghmani Organics, Asahi India Glass, Kwality, Vakrangee, Greencrest Financial Services, Empee Distilleries, Bhansali Engineering Polymers, 8K Miles Software Services, Indraprastha Medical, Space Incubatrics Technologies, Ortel Communications and JBF Industries, hit 52-week lows on BSE.
On the other hand, Adani Enterprises, Adani Power, Divi's Laboratories, Universal Cables, Vinati Organics and West Coast Paper Mills featured among 36 stocks that hit 52-week highs.
Bearish crossovers on 110 countersMomentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 110 counters on BSE.
The stocks included YES Bank, Hindalco, Dish TV India, TCS, Bajaj Electricals and Grasim.
However, 25 stocks including Dabur India, PG Electroplast, Apar Industries, GRM Overseas and Benares Hotels, showed bearish crossovers.
72 stocks enter oversold zoneKwality, 8K Miles Software, Esaar (India), Atlas Jewellery, Hinduja Ventures and Bharat Road Network featured among the 72 stocks that entered the oversold zone on BSE, as per the Momentum oscillator Relative Strength Index, or RSI.
Adani Power, GBL Industries, Coastal Corporation, Grandeur Products and PFL Infotech featured among the 20 stocks that entered the overbought zone on BSE.
LT, UPL above 200-DMAUPL, Larsen Toubro, Berger Paints, Concor, Ipca Labs and Indraprastha Gas witnessed positive breakouts and traded above their 200-DMA.
ITC, Dabur India, Magadh Sugar, Britannia and Mahindra Logistics featured among stocks that traded below their 200-DMA.
Call/put writingMaximum Put open interest was at 10,000 followed by 10,200, while maximum Call OI was at 10,700 followed by 10,800.
There was Put writing at 10,400 followed by 10,300 while Call writing was seen at 10,400 followed by 10,700.
The option band signified a higher shift in the trading band with the immediate range between 10,300 and 10,600 levels.
Mixed signals on Nifty tech chartsAfter a day of strong gains, the Nifty50 witnessed strong resistance around 10,440 level, but eventually erased entire gains to settle flat.
In the process, the index ended up forming a small bearish candle at the upper end of last session’s trading range, which resembled a Bearish Belt Hold pattern.
“Thursday’s pattern indicated range-bound action.
The gap-down of October 19 has been filled at 10,435 level, but Nifty50 has not been able to move above the gap resistance in the 10435-40 range.
One can expect the uptrend to continue in the near term, after a small pause,” said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
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