IT, PSU Bank, Realty, Consumer Durables drag; Metals shine
Benchmark indices were trading in the red amid volatility during the afternoon on Monday. Market started off on a weak note amid mixed global cues as investors turned cautious. Indices managed to recover from the day’s lows to trade marginally lower during the afternoon.
At 1 pm, the BSE Sensex was trading at 55,704.36, down 64.87 points or 0.12 per cent. It recorded an intraday high of 55,767.14 and a low of 55,295.74. The Nifty 50 was trading at 16,570.05, down 14.25 points or 0.09 per cent. It recorded an intraday high of 16,585.60 and a low of 16,444.55.
Bajaj Auto, JSW Steel, ONGC, Cipla and Tata Consumer were the top gainers on the Nifty 50 while Shree Cement, BPCL, Bajaj Finserv, Coal India and Grasim were the top losers. Investors are keenly watching global events and RBI monetary policy, which is scheduled for June 6-8.
On the sectoral front, while metals and private bank stocks gained, IT, realty, PSU Bank and consumer durables faced increased pressure. Nifty Metal was up 0.94 per cent while Nifty Private Bank was up 0.46 per cent.
Meanwhile, Nifty IT was down 0.46 per cent while Nifty PSU Bank was down 0.39 per cent. Nifty Realty and Nifty Consumer Durables were trading 0.49 per cent and 0.55 per cent lower, respectively.
Broader markets faced increased pressure, with broader indices underperforming as compared to the benchmarks. The Nifty Midcap 50 was down 0.56 per cent while the Nifty Smallcap 50 was down 1.15 per cent. The S&P BSE Midcap was down 0.35 per cent while the S&P BSE Smallcap was down 0.59 per cent. The volatility index rose 2.37 per cent to 20.45.