After a modestly positive start, the Indian stock market retreated to lower levels, swung between gains and losses amid somewhat lackluster trades, and finally ended the day with marginal gains on Wednesday, amid a lack of fresh triggers and a subdued trend in Asian and European markets.
Quarterly results gave some direction. Realty stocks, which suffered a setback in the previous session, bounced back into the reckoning amid hopes of lower interest on home loans. Consumer durables stocks too had a fairly good outing. Select oil, bank, healthcare and metal stocks found some support.
FMCG, information technology and PSU stocks mostly ended flat. Automobile, power and capital goods stocks attracted sellers.
The BSE benchmark Sensex
, which advanced to 20,073.46 at the start, declined to 19,964.64 around mid afternoon and eventually ended the day with a marginal gain of 14.10 points or 0.07% at 20,005. The Nifty
index of the National Stock Exchange closed at 6055.75, recording a gain of 5.85 points or 0.1%. The Nifty touched a high of 6071.95 and a low of 6044.15 during the session.
Cipla, which ended stronger by 2.7%, was the top gainer in the Sensex. Hindustan Unilever
and Reliance Industries
gained nearly 2%. Tata Steel
and Sterlite Industries
moved up by 1.4% - 1.8%. ICICI Bank
gained 1.2%, while Coal India
, Maruti Suzuki
and HDFC Bank
ended higher by 0.5% - 1%.
DLF, up 3%, was the top gainer among Nifty stocks. ACC
, Sesa Goa
, Ambuja Cements
, Axis Bank
, Grasim Industries
, Ultratech Cement and Asian Paints
gained 1% - 2.4%. Jaiprakash Associates
and Kotak Bank also closed on a firm note.
GAIL India ended lower by 3.3%. Punjab National Bank
lost around 3%. Tata Power
, Larsen & Toubro
, Jindal Steel
& Power, IDFC
, Tata Motors
, Bharti Airtel
, Bank of Baroda
, State Bank of India
also ended notably lower.
Nalco shot up by over 8%. Pidilite Industries
ended 5.8% on strong results. Indiabulls Financial Services
, Bayer Crop
, IRB Infrastructure
, Muthoot Finance
, Strides Arcolab
, McLeod Russel
and Titan Industries
also ended with strong gains.
HDIL, Gujarat Fluorochemicals
, Mahindra & Mahindra
Financial Services, Union Bank of India
, Tata Global Beverage
, JP Power, CESC
, Torrent Power and Adani Ports
were some of the major losers.
The market breadth was weak. Out of 3016 stocks traded on BSE, 1219 stocks declined. 969 stocks moved up and 828 stocks closed flat.