Mumbai, Nov 3 (PTI) Benchmark Sensex edged up nearly 40 points while Nifty ended above 25,750 points in a lackadaisical trade on Monday, snapping the two-day declining streak on buying in select auto and banking shares.
The 30-share BSE Sensex inched up by 39.78 points or 0.05 per cent to settle at 83,978.49 as 14 of its constituents advanced and 16 declined. During the day, it hit a high of 84,127 and a low of 83,609.54.
The 50-share NSE Nifty eked out a marginal gain of 41.25 points or 0.16 per cent to end at 25,763.35.
Profit taking at higher levels due to the absence of fresh domestic trigger and foreign fund outflows kept the market rangebound, analysts said.
Among Sensex firms, Mahindra & Mahindra was the biggest gainer, gaining 1.7 per cent after the October sales data. Tata Motors Passenger Vehicles (TMPV) rose by 1.69 per cent. Eternal, State Bank of India, Bharti Airtel and Kotak Mahindra Bank were also among the major gainers.
However, Maruti Suzuki dropped the most by 3.37 per cent. ITC, Tata Consultancy Services, Larsen & Toubro, Bharat Electronics and Titan were the major laggards.
“The domestic market ended on a marginal positive note as profit-booking was visible at the higher levels due to the absence of fresh domestic triggers. While the broader market outperformed since the quarterly earnings are steering investors’ preference to take a short- to medium-term view,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
The PSU Banking index remained a preferred bet for investors, driven by healthy earnings and improving asset quality. In contrast, IT stocks declined amid fading expectations of a US Fed rate cut, while a trade truce between the US and China eased the demand for safe-haven assets, Nair added.
The BSE smallcap gauge climbed 0.71 per cent and midcap index went up by 0.62 per cent.
Telecommunication jumped the most by 2.90 per cent, followed by realty (2.26 per cent), healthcare (1.14 per cent), oil & gas (0.96 per cent), financial services (0.62 per cent) and bankex (0.61 per cent).
Utilities, consumer durables, IT and BSE Focused IT were the laggards.
“Markets held steady on Monday, with the Nifty-50 closing nearly flat at 25,763.35, indicating continued consolidation after a strong October rally. The index opened on a subdued note and remained range-bound throughout the session amid mixed global cues,” Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
Vodafone Idea shares hit the upper circuit at Rs 9.60 per share before closing higher by 9.28 per cent on BSE after reports that a US PE investor was in talks to invest up to USD 6 billion in the company.q The struggling telecom player, in a clarification to stock exchanges, stated that the company keeps exploring various opportunities and options to raise funds within the authorisations given by the board.
Wockhardt Ltd shares jumped by over 10 per cent after the company turned profitable in the September quarter, posting a net profit of Rs 82 crore against a loss of Rs 16 crore in the year-ago period.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 6,769.34 crore on Friday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 7,068.44 crore, according to exchange data.
In Asian markets, South Korea’s Kospi, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index settled in positive territory.
Markets in Europe were trading with gains. US markets ended higher on Friday.
Global oil benchmark Brent crude dipped 0.14 per cent to USD 64.71 a barrel.
On Friday, the Sensex tanked 465.75 points or 0.55 per cent to settle at 83,938.71. The Nifty fell by 155.75 points or 0.60 per cent to 25,722.10. PTI SUM MR
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