Sensex, Nifty end lower for 6th day on F&O expiry volatility
Analysts said that markets witnessed profit booking at higher levels.
By Anupam Nagar, ETMarkets.com | Updated:
Sensex, Nifty end marginally lower on F&O expiry
NEW DELHI: Benchmark indices Sensex and Nifty ended flat in Thursday's trading session amid high volatility triggered by expiry of July futures and options contracts.
The markets fluctuated between gains and losses throughout the day as Nifty witnessed its worst F&O series since October 2018. The benchmarks were dragged by PSU banks and metal shares while pharma and IT counters lent some support.
Analysts said that markets witnessed profit booking at higher levels and traders used 'sell on rise' strategy due to weak market sentiments.
Analysts felt that concerns over an economic slowdown, weak corporate earnings, heavy foreign fund outflow and weak monsoon would continue to weigh on the domestic market in the coming days.
Bajaj Finance was among the top losers in the Sensex pack slipping nearly 6 per cent on BSE as the company's record quarterly profits failed to cheer investors.
The company on Thursday said its consolidated net profit jumped 43 per cent year-on-year (YoY) to a record Rs 1,195 crore in June quarter. The NBFC had reported a profit of Rs 836 crore in the same quarter last year. The profit number came largely in line with ET Now poll estimate of Rs 1,200 crore. But, the provisions for the quarter surged 69 per cent YoY to Rs 551 crore from Rs 327 crore posted in same quarter last year.
Investors are now keeping a close watch on Maruti Suzuki, Bajaj Auto, Vedanta and JSW Steel, who are scheduled to announce their June quarter results tomorrow, for further cues. Analysts expect volatility to persist in the coming sessions, as the markets are expected to be largely driven by the ongoing quarterly earnings season.
On the global front, Asian shares closed with modest gains ahead of the European Central Bank meeting. Japan's Nikkei touched a near three-month high while Australian shares ended near a 12-year peak after its central bank chief stressed that interest rates could continue to fall.
BSE Sensex closed 16.67 points, or 0.04 per cent, lower at 37,830.98. While NSE Nifty ended at 11,252.15, down 19.15 points or 0.17 per cent.
Market at a glance
Sun Pharma, IndusInd Bank, Axis Bank and Power Grid were among other Sensex stocks that advanced.
BSE Energy index recorded losses of 1.91 per cent followed by Oil & Gas and Metal index. BSE Healthcare and IT index were among the best performers.
In terms of index contribution, TCS, Infosys, HDFC Bank and Axis Bank were the top support while RIL, Bajaj Finance, L&T and ITC were the top drag on Sensex.
The markets fluctuated between gains and losses throughout the day as Nifty witnessed its worst F&O series since October 2018. The benchmarks were dragged by PSU banks and metal shares while pharma and IT counters lent some support.
Analysts said that markets witnessed profit booking at higher levels and traders used 'sell on rise' strategy due to weak market sentiments.
Analysts felt that concerns over an economic slowdown, weak corporate earnings, heavy foreign fund outflow and weak monsoon would continue to weigh on the domestic market in the coming days.
Bajaj Finance was among the top losers in the Sensex pack slipping nearly 6 per cent on BSE as the company's record quarterly profits failed to cheer investors.
The company on Thursday said its consolidated net profit jumped 43 per cent year-on-year (YoY) to a record Rs 1,195 crore in June quarter. The NBFC had reported a profit of Rs 836 crore in the same quarter last year. The profit number came largely in line with ET Now poll estimate of Rs 1,200 crore. But, the provisions for the quarter surged 69 per cent YoY to Rs 551 crore from Rs 327 crore posted in same quarter last year.
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Investors are now keeping a close watch on Maruti Suzuki, Bajaj Auto, Vedanta and JSW Steel, who are scheduled to announce their June quarter results tomorrow, for further cues. Analysts expect volatility to persist in the coming sessions, as the markets are expected to be largely driven by the ongoing quarterly earnings season.
On the global front, Asian shares closed with modest gains ahead of the European Central Bank meeting. Japan's Nikkei touched a near three-month high while Australian shares ended near a 12-year peak after its central bank chief stressed that interest rates could continue to fall.
BSE Sensex closed 16.67 points, or 0.04 per cent, lower at 37,830.98. While NSE Nifty ended at 11,252.15, down 19.15 points or 0.17 per cent.
Market at a glance
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In the 30-pack Sensex, 16 stocks ended in the green and 14 in the red with Tata Motors as the worst performer and Vedanta the best. Bajaj Finance, Tata Steel, YES Bank and RIL too joined Tata Motors on the losers list, slipping up to 5 per cent. Sun Pharma, IndusInd Bank, Axis Bank and Power Grid were among other Sensex stocks that advanced.
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The BSE Midcap index advanced 0.53 per cent outperforming benchmark Sensex while the BSE Smallcap index ended 0.09 per cent lower.BSE Energy index recorded losses of 1.91 per cent followed by Oil & Gas and Metal index. BSE Healthcare and IT index were among the best performers.
In terms of index contribution, TCS, Infosys, HDFC Bank and Axis Bank were the top support while RIL, Bajaj Finance, L&T and ITC were the top drag on Sensex.
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