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Market fails to hold gain; continues 3-day losing streak

At close, the Sensex was up 9.83 points or 0.01 per cent at 79,496.15, and the Nifty was down 6.90 points or 0.03 per cent at 24,141.30.

Market fails to hold gain; continues 3-day losing streak

Photo: ANI

Stock market continued the three-day losing streak on Monday with support from IT and bank stocks offset by a decline in auto stocks. However, it gained momentum in the afternoon but closed flat as Nifty and Sensex erased all gains by the end of trading.

At close, the Sensex was up 9.83 points or 0.01 per cent at 79,496.15, and the Nifty was down 6.90 points or 0.03 per cent at 24,141.30.

On Nifty, the top gainers were Power Grid Corporation of India (4.28 per cent), Trent (2.89 per cent), Infosys (1.65 per cent), HCL Technologies (1.62 per cent), Tech Mahindra (1.36 per cent). Among the losers were Asian Paints (8.17 per cent), Britannia Industries (5.44 per cent), Apollo Hospitals Enterprise (3.58 per cent), Cipla (2.50 per cent), Oil & Natural Gas Corporation (2.15 per cent).

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Among the sectors, Nifty IT extended its winning streak closing with a 1.28 per cent gain. It was followed by Nifty Bank, which rose by 0.61 per cent. Nifty Media fell by 1.3 per cent, while Nifty Metal, Nifty Pharma, Nifty Oil & Gas, and Nifty Consumer Durables all ended with losses ranging from 0.65 per cent to 1 per cent. Nifty Bank was led by HDFC Bank, ICICI Bank, and SBI.

BSE Midcap index was down 0.8% and smallcap index shed 1 per cent. On BSE, over 250 stocks touched their 52-week high including, Coforge, Wipro, Federal Bank, Indian Hotels, KIMS, Page Industries, Vimta Labs, NIIT, Indraprastha Gas, CarTrade Tech, Krsnaa Diagnostics among others.

Shares of Asian Paints tanked 8 per cent after several brokerages expressed disappointment over the company’s underwhelming Q2FY25 performance. Shares of MapMyIndia parent – C.E. Info Systems – tumbled over 8 per cent after the company reported 8.2 per cent year-on-year decline in consolidated net profit.

United Spirits gained nearly 2 per cent, after foreign brokering firm Goldman Sachs kicked off coverage with a bullish outlook on India’s spirit market.

Notably, the data with the Association of Mutual Funds in India (AMFI) showed that in October, equity mutual funds witnessed a record inflow of Rs 41,887 crore, marking a surge of over 21 per cent on a month-on-month (MoM) basis. Overall, the mutual fund industry witnessed an inflow Rs 2.4 trillion in October, after an outflow of Rs 71,114 crore in September.

After the US election results, India is looking forward to the CPI data with a muted view as food prices are likely to be higher. This essentially will forge RBI to hold the interest rates in the short-term.

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