NIFTY50, SENSEX end flat dragged by Bharti Airtel and HDFC Bank

Indian bourses commenced the week at yet another record high, with NIFTY50 almost nearing the significant milestone of 25,000 mark led by banking stocks. However, volatility took center stage in the second half of the trading session, causing the frontline indices to erase most of its gains and oscillate between positive and negative territories before settling on a flat to positive note. The NIFTY50 index closed with a marginal gain of 1.25 points at 24,836.10 level, while the SENSEX added 23.13 points, or 0.03% to end 81,355.85 level.

The NIFTY50 index retreated over 160 points from its all-time high, weighed down by Bharti Airtel (-2.18%) and HDFC Bank (-0.81%). Despite giving up almost all of its gains, the index managed to close at a record high. The India VIX surged by almost 5% indicating rise in market volatility.

The Nifty Bank outperformed the frontline gauge, despite losing over 900 points from its intraday high. The broader market indices also outperformed, with Nifty Midcap 100 and Smallcap 100 index advancing over 1% each, resulting in strong market breadth.

Top Gainers & Losers

In the NIFTY50 space, 25 stocks advanced, and 25 stocks declined. Divi’s Lab (+2.93%), BPCL (+2.92%), L&T (+2.58%), Bajaj Finserv (+1.99%), and M&M (+1.98%) were the top gainers. Laggards included Bharti Airtel (-2.08%), Titan (-1.95%), Cipla (-1.40%), ITC (-1.18%), and Tata Consumer (-1.12%).

Index Movers

Coming to the NIFTY50 index pullers and draggers, L&T (+25.14 pts), Reliance (+15.46 pts), M&M (+12.55 pts), SBI (+7.42 pts), and UltraTech Cement (+5.88 pts) were the pullers of the day. Draggers included HDFC Bank (-22.41 pts), Bharti Airtel (-19.09 pts), ITC (-12.44 pts), Titan (-6.44 pts) and Kotak Bank (-6.42 pts).

Broader indices

Today, the broader market closed in positive territory. The Nifty Midcap 100 gained by +1.03%, and the Nifty Smallcap 100 index gained by +1.00%. Market breadth was strong on Monday as the advancing stocks outnumbered the declining stocks.

Sectoral Indices

Most of the sectoral indices closed positively. The top three gainers were NIFTY PSU Bank (+2.25%), NIFTY Media (+1.80%), and NIFTY Realty (+1.43%), The top three losers were NIFTY IT (-0.38%), NIFTY FMCG (-0.34%), and NIFTY Financial Services (-0.01%).

Global Markets

The majority of the Asian markets concluded Monday's trading session in a positive zone. The Hang Seng gained by 1.28%, the Shanghai index closed in green marginally by 0.03%, the Kospi index surged 1.23%, the Nikkei 225 Index closed up gaining by 2.29%.

At 3:40 PM, the Dow Jones Futures were trading up by 135 points at 40,966.