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Saturday, October 24, 2020

Profit booking, global cues subdue markets, banking stocks fall

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stocks trading marketMumbai, Sep 29 (IANS) Profit booking, along with volatile global cues, subdued the Indian equity markets on Tuesday, with both the BSE Sensex and NSE Nifty50 closing on a flat-to-negative note.

Segment-wise, heavy selling was witnessed in banking, FMCG, infra, pharma and energy stocks. However, metals, IT and auto stocks gained.

On the global front, Asian markets ended on a mixed note after a mildly higher opening on Tuesday ahead of the first US presidential debate later in the day, with investors also remaining cautious over the global economy’s prospects as coronavirus deaths surpassed the 1-million mark worldwide.

Similarly, European shares slipped as investors awaited the first US presidential debate, and eyed progress of a fiscal stimulus package in Washington.

The BSE Sensex closed at 37,973.22, lower by 8.41 points, or 0.02 per cent, from the previous close of 37,981.63.

The Nifty50 on the National Stock Exchange closed at 11,222.40, lower by 5.15 points, or 0.05 per cent, from its previous close.

“Investors took some profits due to recent gains in the markets, reflected in a negative advance decline ratio,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

“Some sector and stock rotation seems to be happening. Nifty could face resistance from the 11,306-11,322 band in the near future.”

Vinod Nair, Head of Research at Geojit Financial Services, said: “After a gap-up opening, the benchmark indices grew volatile, before ending the day flat. Global markets were also undecided and slightly negative for the day as the outcome of the first US presidential debate was awaited.”

“With increasing infections and chances of location-specific lockdowns, Indian indices were also uncertain. Indian markets are awaiting a trigger in the form of confirmation of a stimulus package by the government to boost economic activity. Till then, expect volatility.”

According to Angel Broking Head Advisory Aamar Deo Singh, the “Markets gave up the initial gains of the day, with the benchmark index Nifty50 ending the day flat, to close at 11,222, down 5 points, with mixed global cues.”

“Advances and declines were evenly poised with interesting tussle between bulls and bears. Amongst the top 3 Nifty gainers, were Hindalco, Ultratech and Hero Motocorp whereas Bharti Infratel, ONGC and Indusind were the top 3 Nifty Losers. Nifty continues to trade sideways within the range of 11,000-11,400.”

Source: IANS

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