Sensex Today: Stock markets oscillated between gains and losses on Monday as investors awaited results of the Reserve Bank of India’s monetary policy meeting and assembly elections in Gujarat and Himachal Pradesh later this week.
The S&P BSE Sensex moved in a range of 432 points before closing at 62,835, down 34 points or 0.05 per cent. The Nifty 50 also closed at 18,701, up 5 points or 0.03 per cent, after volatile trading.
In the broader markets, the BSE Midcap and Smallcap indices added 0.10 per cent and 0.25 per cent, respectively.
Among individual stocks, Tata Steel (up 3 per cent), NTPC, SBI, IndusInd Bank and Power Grid were the top Sensex losers, while RIL (down 1.45 per cent), Tech M, Dr Reddy’s Labs, Bharti Airtel, Axis Bank, and TCS The top were backward.
Within the mid- and small-cap space, M&M Financial Services, SJVN, Aditya Nirla Capital, Bajaj Hindustan Sugars, SEPC, Sadbhav Engineering and Satin Credit Care were the winners.
region wise, the smelly Metal indices gained nearly 2 per cent on hopes of a pick-up in global commodity demand following easing of COVID-19 restrictions in China.
The Nifty IT index slipped 0.7 per cent.
The Indian rupee fell 48 paise to close at 81.79 per dollar on Monday against Friday’s 81.31.
VK Vijayakumar, chief investment strategist at Geojit Financial Services, said: “The better-than-expected US jobs number in November was surprisingly ignored by the market, with the S&P 500 flat. The message from the market indicates that the Fed is likely to tighten is unlikely to change the slow pace of telegraph in its own right. The market does not see the terminal rate going above 5 per cent. India There are indications that this market is trending higher despite higher valuations. The upcoming decision of the MPC and more importantly the message from RBI will be eagerly awaited by the market. The mid and small cap rally is likely to gain momentum.”
global signal
In Asia this morning, the Hang Seng index rose 3 percent after virus testing rules were relaxed in some Chinese cities. The Shanghai Composite was up 1 per cent, the Nikkei 0.14 per cent and the Straits Times 0.4 per cent.
In the US on Friday, the markets had reversed all losses and closed on a sluggish note. The Dow closed up just 0.1 percent. The S&P 500 lost 0.1 percent and the Nasdaq lost 0.2 percent.
Back home, the Street will be tracking services PMI data for India as well as the US today.
In addition, OPEC+ on Sunday decided to stick to its current policy of reducing oil production by 2 million barrels per day from November until the end of 2023.
Brent crude futures were up 2 per cent this morning at $87 a barrel.
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