-Indian equity markets were flattish as a slide in consumer stocks offset the uptick in metal stocks
-The indices swung between gains and losses.
-Gains from auto, financial, and metal stocks were offset by the losses in banking, FMCG and IT stocks.
– Sensex dropped 29 points to close at 66,356, while Nifty50 gained 8 points to end at 19,680.
-Seven of the 13 major sectoral indices gained, with the metal index rising 2.94% and the auto index adding 0.95%.
Gainers and losers
When it comes to losers – Asian Paints closed 4% lower after Q1 results. ITC, L&T, SBI, IndusInd Bank, Kotak Bank, Wipro, and Axis Bank also ended in the red. JSW Steel and Tata Steel were the top gainers, rising over 3% each. NTPC, UltraTech Cement, Tata Motors, and Titan also closed higher.
Stocks in news
-Suzlon Energy ended with a 5% lower circuit after the company’s net profit declined 96% YoY and 64% QoQ to Rs 101 crore.
-Shares of Jyothy Labs also closed with 20% upper circuit after the Q1 profit doubled to Rs 96 crore.
Sector-wise, Nifty Metal, Nifty Auto surged While Nifty PSU Bank and Nifty FMCG closed lower. Nifty Midcap100 gained 0.39%, while Smallcap100 fell 0.11%.
Global stocks and Wall Street futures were mixed after China’s ruling Communist Party promised to shore up its sagging economy ahead of a FOMC meeting. Shanghai rose while Tokyo dipped.
Oil prices and Rupee
Oil prices were steady due to lifted sentiments and signs of tighter supplies
Brent futures were up 0.12%, at $82.57 a barrel, while US WTI crude was up 11 cents at $78.84.
Indian rupee ended at 81.8700 against the dollar due to importer hedging.