Sensex, Nifty Retreat From Record To End Flat As HDFC Bank, Airtel Drag: Market Wrap

Fourteen out of the 20 sectors on the BSE ended higher, with Capital Goods being the best performing sector.

(Source: NSE)

The benchmark stock indices erased most gains to end a volatile session with marginal gains on Monday as Bharti Airtel Ltd. and HDFC Bank Ltd. dragged.

The NSE Nifty 50 ended 1.25 points or 0.01% higher at 24,836.10, and the S&P BSE Sensex settled 23.12 points or 0.03% higher at 81,355.84.

In early trade, the Nifty rose as much as 0.66% to a fresh high of 24,999.75, and the Sensex rose 0.71% to a record high of 81,908.43.

The banking counters set the stage for the index to surpass the psychological barrier of 25,000 but a hidden bearish divergence in the relative strength index pulled the Nifty Bank lower, which put pressure on the Nifty, according to Aditya Gaggar, director of Progressive Share Brokers.

On the daily chart, the Nifty has formed a small red candle, with a probable bearish divergence in the RSI indicating a temporary pause in its journey towards the north. A level of 25,000 will continue to act as immediate resistance, Gaggar said.

Larsen & Toubro Ltd., Reliance Industries Ltd., Mahindra & Mahindra Ltd., the State Bank of India and UltraTech Cement Ltd. led the gains in the Nifty.

HDFC Bank, Airtel, ITC Ltd., Kotak Mahindra Bank Ltd. and Titan Co. weighed on the index.

On the NSE, nine sectors ended higher, two ended lower and one remained flat. The Nifty PSU Bank rose the most, while IT declined the most.

The Nifty IT, FMCG, Pharma, Oil & Gas, and Energy rose to life highs during the day.

The broader markets outperformed the benchmark indices, as the BSE MidCap and SmallCap ended 0.80% and 1.17% higher, respectively.

On the BSE, 14 sectors ended higher and six declined, with Capital Goods being the best-performing sector and BSE Teck declining the most.

The market breadth was skewed in favour of the buyers as 2,355 stocks advanced, 1,702 declined, and 141 remained unchanged on the BSE.

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Also Read: Stock Market Today: Sensex, Nifty Retreat From Record To End With Marginal Gains As Airtel Drag

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