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Benchmark indices Sensex and Nifty began the week on a flat note on Monday, showing mixed global cues. The BSE Sensex slipped by 19.36 points, or 0.02 per cent, at 77,840 at the opening bell, while the Nifty sustained at 23,522.45, lower by 37.50 points, or 0.16 per cent.
Markets end lower post RBI rate cut on Friday
Earlier, the Equity benchmark indices Sensex and Nifty ended lower on Friday as the RBI’s rate cut did not spring any major surprise for the markets and investors turned to profit-taking amid foreign fund outflows.
Registering its third day of decline, the 30-share BSE benchmark Sensex dropped 197.97 points or 0.25 per cent to settle at 77,860.19, in a volatile trade. During the day, it lost 582.42 points or 0.74 per cent to 77,475.74.
The NSE Nifty declined 43.40 points or 0.18 per cent to 23,559.95.
From the 30-share blue-chip pack, the stock of ITC dipped over 2 per cent after the diversified entity reported a 7.27 per cent decline in consolidated net profit to Rs 5,013.16 crore for the December quarter on account of subdued demand and sharp escalation in input costs.
State Bank of India, Adani Ports, Tata Consultancy Services, ICICI Bank, Reliance Industries and PowerGrid were also among the laggards.
“As the rate cut did not spring any major surprise, investors did not find anything interesting in the new RBI governor’s comments which resulted in a steady bout of profit-taking in banking, oil & gas, FMCG and power stocks. The ongoing earnings have been mixed to subdued while relentless selling of domestic shares by the FIIs have prompted investors to maintain caution,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Among the gainers, Tata Steel jumped over 4 per cent.
Bharti Airtel’s stock surged nearly 4 per cent after the firm reported a more than five-fold jump in consolidated net profit to Rs 16,134.
6 crore boosted by consolidation of the Indus Tower business and benefits of tariff hikes flowing into the quarter.
Zomato, Mahindra & Mahindra, UltraTech Cement and Tech Mahindra were also the other gainers.
The BSE smallcap gauge declined 0.68 per cent while BSE midcap index climbed 0.13 per cent. Among BSE sectoral indices, oil & gas dropped 1.31 per cent, FMCG (1.25 per cent), energy (1.07 per cent), industrials (0.73 per cent) and services (0.62 per cent).
(With agencies inputs)
