Domestic Stocks Markets ended lower; Nifty IT outperformed the market, HCL Tech gained 10.60 pct
The domestic stock markets closed in a red on Monday, September 14, 2020, after the financials sector slipped in today’s trade.
The domestic stock markets closed in a red on Monday, September 14, 2020, after the financials sector slipped in today's trade. The markets witnessed profit booking after a sharp rally during the initial hours of trade of the day.
The S&P BSE Sensex lost 97.92 points, or 0.25 per cent, to settle at 38,756.63. Similarly, Nifty 50 fell 43.40 points, or 0.38 per cent, to 11,421.05. Nifty continues to run into a stiff wall of resistance around the 11600-mark whereas support is seen around 11200. Nifty Bank dropped 398.80 points, or 1.77 per cent, to 22,081.15.
However, the broader markets continued to outperform the benchmarks and ended higher. The Nifty Smallcap100 and Nifty Midcap100 indices ended 5.5 per cent and 2.5 per cent higher, respectively. Nifty Realty and Nifty IT contributed most gains, surging over 4 per cent each.
HCL Technologies (up 10.60 per cent), TCS (up 4.85 per cent), Wipro (up 4.45per cent), Tech Mahindra (up 3.38 per cent), UPL (up 2.99 per cent) and Infosys (up 2.90 per cent) were the top gainers in Nifty 50 index. The losers included Bharti Airtel (down 3.77 per cent), Bajaj Finance (down 3.17 per cent), BPCL (down 3.16 per cent), SBI (down 2.37 per cent) and Power Grid (down 2.37 per cent).
Today was the day for midcap and smallcap stock as SEBI new rules of minimum 25 per cent holding in each large-cap, midcap and smallcap stock for multi cap funds will result in the fund buying more midcap and smallcap stocks as currently, they have large-cap bias.
Nifty Midcap 100 (up 2.63 per cent) and Nifty Smallcap 100 (up 5.44 per cent) outperformed Nifty 50. Within midcap and smallcap, space quality stocks have performed better. Small Cap Index posts biggest 1-day gain in over 6 years & Midcap Index in over 3 months.