Stock markets end flat, Sensex and Nifty post weekly gains of more than 1%

By: |
September 12, 2020 12:05 AM

The Sensex on Friday was up by 14.23 points, or 0.04%, to close at 38,854.55 whereas the Nifty was up by 15.2 points, or 0.13%, to close at 11,464.45.

The markets had a volatile week on account of geopolitical tensions, rising Covid-19 cases and negative global cues.The markets had a volatile week on account of geopolitical tensions, rising Covid-19 cases and negative global cues.

Equity markets ended on a flat note on Friday amid lack of fresh triggers and mixed global cues. However, both the Sensex and Nifty posted weekly gains of more than 1%. The Sensex on Friday was up by 14.23 points, or 0.04%, to close at 38,854.55 whereas the Nifty was up by 15.2 points, or 0.13%, to close at 11,464.45.

For the week, gains for the markets were primarily contributed by Reliance Industries, whose shares were up by 12%. On a weekly basis, the Sensex advanced 497.37 points, or 1.29%, while the Nifty rose 130.60 points, or 1.15%.

The markets had a volatile week on account of geopolitical tensions, rising Covid-19 cases and negative global cues.

Sanjeev Zarbade, vice-president, private client group research, Kotak Securities, said the markets remained cautious on adverse news flows of Covid-19 vaccine trials, increase in Sino-India tensions and a sharp sell-off in US equities.

“Recent data show some uptick in activities as suggested by e-way bills data, railway freight data and digital banking transactions, even as daily Covid-19 cases continue to increase. While the market is not in a bubble zone, we note that global cues (US markets on correction mode) have started to turn negative and FIIs have turned sellers along with domestic MFs. Valuations are not supportive either. So, investors need to be prepared for a minor correction or a side-ways market, going ahead,” he said.

The markets, which started with a gap-down opening, were lifted by TCS, SBI and Hindustan Unilever. Financial stocks were responsible for the drag.

On Friday, the NSE futures and options segment witnessed a turnover of Rs 11.21 lakh crore, against the six-month average of Rs 15.43 lakh crore. The cash market segment saw a turnover of Rs 51,408.71 crore, against the six-month average of Rs 53,128 crore.

Foreign portfolio investors (FPIs) on Thursday bought stocks worth $110.3 million while domestic institutional investors sold stocks worth $41.7 million.

Big gainers on the Nifty were Wipro, SBI, Tech Mahindra, TCS and Hero MotoCorp, up by 2.81%, 2.8%, 1.83%, 1.68%, and 1.43%. Significant losers were Zee Entertainment, IndusInd Bank, Powergrid Corporation, BPCL and Bharti Airtel, down by 2.2%, 1.68%, 1.58%, 1.53% and 1.18%.

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