S Ranganathan, Head of Research at LKP securities
Indices remained rangebound in trade today after a stellar run in the index stocks during the past few weeks, making India one of the best-performing markets globally last month.
Action, however, was seen in select small & midcap names as consolidation in several sectors has benefited select companies who have used the pandemic to gain share.
Market participants were picking quality stocks as valuations are pricey with several stocks trading at 3.5 times price-to-book.
Closing updates: Market benchmarks the Sensex and the Nifty ended lower on September 13 with shares of Reliance Industries, ICICI Bank, Hindustan Unilever, HDFC Bank and Mahindra & Mahindra as the top laggards in the Sensex kitty of stocks.
On the other hand, Kotak Mahindra Bank, Tata Steel, TCS, Bajaj Finserv and Maruti Suzuki emerged as the top Sensex gainers.
Sensex closed 127 points, or 0.22 percent, lower at 58,177.76 while the Nifty ended the day at 17,355.30, down 14 points, or 0.08 percent.
Mid and smallcap stocks outperformed their frontline peers as their sectoral indices ended in the green for the third consecutive session.
The BSE Midcap index closed 0.32 percent higher while the smallcap index settled with a gain of 0.80 percent.
BSE Smallcap index is up about a percent.
More than 350 stocks hit their upper circuits: Even though the market traded in the red, more than 350 stocks hit their upper circuits in intraday trade on BSE so far.
Among the stocks that hit their upper circuits were Somany Home Innovation, Borosil Renewables, IIFL Finance, Reliance Power and Hindustan Construction Company.
Sansera Engineering IPO | 10 Key Things To Know Before Subscribing
The IPO is open from September 14 to September 16 and the shares will be listed on September 24.
Nearly 250 stocks hit fresh 52-week highs: Nearly 250 stocks, including Bharti Airtel, HCL Tech, Hindalco, Havells India, Dish TV India, APL Apollo Tubes, L&T Technology Services, Mindtree, Persistent Systems, Nalco, Voltas, Tata Elxsi, Zydus Wellness, hit their 52-week highs in intraday trade on BSE.
Nifty IT climbs more than a percent
European markets are trading in the green with FTSE, CAC and DAX up half a percent each
Tapan Patel- Senior Analyst (Commodities), HDFC Securities: Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 0.76% up to $70.25 per barrel for the day. MCX Crude oil September futures were trading 0.88% higher near Rs 5,172 per barrel by noon.
Crude oil prices are expected to trade sideways to up for the day with resistance at $72 and support at $69 per barrel. MCX Crude oil September has support at Rs 5,080 and resistance at Rs 5,270.
Aurionpro Solutions announces significant win in the Smart City segment, wins order from M.P Police Radio: Aurionpro Solutions announced significant order win in the smart city segment from M.P Police Radio, the department of Madhya Pradesh Police valued more than Rs 38 crores, to be served over three years. It covers comprehensive annual operation and maintenance of integrated city surveillance systems for the eleven cities of Madhya Pradesh, the company said in an exchange filing. The stock was trading at Rs 201.25, up Rs 1.20, or 0.60 percent. It has touched an intraday high of Rs 210 and an intraday low of Rs 199.45.
Telecom Department may approve proposals w.r.t telecom equipment PLI this week: The telecom department may approve proposals w.r.t telecom equipment PLI this week. Telecom equipment PLI proposals worth Rs 3,245 crore may be approved this week. Cabinet Secretary had asked DoT for the reason of delays in approval last week, sources to CNBC-TV18 said.
Market update at 2 PM: Sensex is down 55.50 points or 0.10% at 58249.57, and the Nifty shed 2.50 points or 0.01% at 17366.80.
