Equity markets end marginally lower, index heavyweights pull down Nifty and Sensex

By: |
August 14, 2020 2:15 AM

The markets started the day strong with a gap-up opening, but witnessed selling throughout the session.

The Sensex fell 59.14 points, or 0.15%, to close at 38.310.49.The Sensex fell 59.14 points, or 0.15%, to close at 38.310.49.

Equities on Thursday ended marginally lower, with the 50-share index Nifty declining 7.95 points, or 0.07%, to close at 11,300.45. The Sensex fell 59.14 points, or 0.15%, to close at 38.310.49. The markets were pulled down by the index heavyweights and mixed global cues on uncertainty regarding fiscal stimulus measures in the US.

The markets started the day strong with a gap-up opening, but witnessed selling throughout the session.

Sanjeev Hota, head of research, Sharekhan by BNP Paribas, said: “After a strong run-up in the markets and the recovery we have seen, there could be some profit taking that is happening which is why the markets could be trading flat. Nevertheless, we have not seen any negative surprises in the Q1 results and the management commentary remained encouraging. Globally, markets continue to remain strong and we expect the momentum to continue. However, investors should stick to quality stocks and stay away from risky bets.”

On the weekly options expiry, the futures and options segment on the Nifty witnessed strong volumes — it saw a turnover worth Rs 33.7 lakh crore, against the six-month average of Rs 14.9 lakh crore. The cash market saw volumes worth Rs 58,321.56 crore, against the six-month average of Rs 51,793 crore.

Foreign portfolio investors have been pumping capital into Indian equities too. In August so far, FPIs have pumped in $1.2 billion.

Siddhartha Khemka, head of retail research, Motilal Oswal Financial Services, said, “Going ahead, the market is likely to be volatile, largely mirroring global cues. Investors would look out for fresh triggers amid continued surge in domestic coronavirus cases. AGR case hearing on Friday would keep telecom and banking stocks in focus.”

Major gainers on the Nifty were Tata Motors, L&T, Hindalco, Titan and Bharti Infratel, up by 4.59%, 4.39%, 4.21%, 3.92%, and 3.72%, respectively. Significanr losers were Sun Pharmaceuticals, Eicher Motors, Bharti Airtel, HDFC Life and ITC, down by 2.1%, 2.06%, 2.04%, 1.5%, and 1.42%, respectively.

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