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Market ends flat on profit booking
Market ends flat on profit booking
Sensex slips 3 pts, Nifty drops 8 pts; ONGC soars as oil climbs above $70
Mumbai: The NSE Nifty snapped its seven-session winning run to close modestly lower on Tuesday as investors booked profits at higher levels despite a firm trend in overseas markets.
A declining rupee and lacklustre macroeconomic data also kept investors on the sidelines, analysts said. Halting its four-session rally, the 30-share BSE Sensex ended 2.56 points lower at 51,934.88. Retreating from its lifetime high, the broader NSE Nifty slipped 7.95 points or 0.05 per cent to close at 15,574.85.
ICICI Bank was the top loser in the Sensex pack, shedding 1.80 per cent, followed by UltraTech Cement, Asian Paints, Axis Bank, ITC, Kotak Bank, PowerGrid and Infosys.
On the other hand, ONGC topped the gainers' chart with a jump of 3.52 per cent, in tandem with soaring crude oil prices which touched the $70-per barrel mark. Bajaj Finance, SBI, HDFC, Bajaj Auto and Tech Mahindra were among the other gainers, climbing up to 2.93 per cent.
"Benchmark Nifty traded flat despite positive global cues. Barring pharma, most of key sectoral indices traded in the red with marginal correction," said Binod Modi, Head - Strategy at Reliance Securities. Further, Reliance Industries remained in focus and arrested any sharp fall in the Index. Profit-booking was visible in midcap and smallcap stocks after witnessing a sharp rally in last couple of days, he added.
"Indices traded in a range and closed flat even as Corporate India has been announcing capital expenditure plans since the start of the fiscal. Weak PMI data released today did not help sentiments as we saw profit-taking across the metal space today. "In the broader market, we saw keen interest in select pockets of textiles and pharma names," said S Ranganathan, Head of Research at LKP Securities.
India's manufacturing sector activity witnessed a significant loss of growth momentum in May due to the intensification of the Covid-19 crisis and its detrimental impact on demand, a monthly survey said on Tuesday. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) fell to 50.8 in May from 55.5 in April.
