Markets end flat on profit-booking

By: |
February 17, 2021 2:07 AM

Shares of metal companies and public sector companies were the top gainers on the Nifty with Powergrid Corporation, ONGC, Tata Steel, Hindalco, and NTPC, rallying by 6.26%, 4.98%, 3.79%, 3.64%, and 2.78%. The biggest losers on the Nifty were ICICI Bank, Axis Bank, Eicher Motors, Nestle India, and Tata Motors, declining by 2.34%, 2.2%, 1.63%, 1.6%, and 1.3%.

Stock, Sensex, Nifty, ShareOverall, we are cautiously optimistic as direction of FII flows can be tricky and budget announcements are good but the real test is in implementation,” said PGIM India MF.(Representative image; Reuters)

After making a new high on Monday, equities ended Tuesday’s session on a flat note. The range bound trading session was on account of profit-taking by the investors with Nifty ending the day down by 1.25 points (0.01%) to close at 15313.45 whereas, Sensex declined by 49.69 points (0.10%) to close at 52,104.17. Foreign portfolio investors (FPIs) have pumped in capital worth $3.1 billion in total so far in February.

Metal stocks bucked the trend and gained on account of rising metal prices globally. Besides, metal companies also reported strong quarterly results with the brokerages stating that there is an upside to metal stocks left. The Nifty Metal rose by 2.89% on Tuesday, while shares of state-owned entities like ONGC and NTPC also rallied. Edelweiss Securities, its report, said, “Going ahead, we expect a record quarter for ferrous companies as realisation is expected to increase by close to Rs 6,000/t; domestic volume is expected to grow; and stable cost for iron ore integrated players.” On the other hand, the shares of ONGC rose by 4.98% in the day’s trading session after the public sector giant announced its third quarter results.

Shares of metal companies and public sector companies were the top gainers on the Nifty with Powergrid Corporation, ONGC, Tata Steel, Hindalco, and NTPC, rallying by 6.26%, 4.98%, 3.79%, 3.64%, and 2.78%. The biggest losers on the Nifty were ICICI Bank, Axis Bank, Eicher Motors, Nestle India, and Tata Motors, declining by 2.34%, 2.2%, 1.63%, 1.6%, and 1.3%.

The benchmark Nifty has rallied by 12.3% in February on account of a strong Budget announcement and buoyant global markets. While market experts believe that the current rally is expected to go on, helped by liquidity in the short term and strong corporate earnings in the medium term, they are also cautious on corrections and heightened volatility that could arise after a strong upmove in the markets. “One should be prepared for increased volatility and correction after such an upmove. Overall, we are cautiously optimistic as direction of FII flows can be tricky and budget announcements are good but the real test is in implementation,” said PGIM India MF.

Markets globally remained strong with Asian bourses in South Korea, China, and Hong Kong rallying by 0.5% to 1.9%. The markets in Europe were trading flat with benchmarks in the United Kingdom, Germany, and France up by 0.04% to 0.11%.

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