Sensex Ends Marginally Higher; Energy And IT Stocks Witness Buying

After opening the day on a strong note, Indian share markets erased most of the gains and turned highly volatile in the afternoon session.

Benchmark indices erased gains during closing hours tracking weakness in banking and finance stocks.

Sectoral indices ended on a mixed note with stocks in the energy sector and IT sector witnessing buying interest.

Meanwhile, banking stocks witnessed selling pressure.

After rising more than 400 points in early trade, the BSE Sensex ended the day up by 99 points.

Meanwhile, the NSE Nifty stood higher by 47 points.

SGX Nifty was trading at 10,810, up by 39 points, at the time of writing.

The BSE Mid Cap index ended up by 0.1%. The BSE Small Cap index ended down by 0.2%.

Asian stock markets ended on a positive note today as stocks gained ignoring the global rise in coronavirus cases, giving more weight for expected government stimulus.

As of the most recent closing prices, the Hang Seng was up 0.2% and the Shanghai Composite stood higher by 1.8%. The Nikkei ended up by 2.2%.

European stock markets opened higher today as French and Italian industry output data rebounded more than expected in May.

Gold prices are trading up by 0.6% at Rs 49,149 per 10 grams.

The rupee is trading at 75.19 against the US$.

Market participants were tracking Avenue Supermarts' share price. Shares of the company declined over 5% today after the company reported an 88% fall in its net profit for the April-June quarter (Q1FY21).

Avenue Supermarts, the operator of hypermarket stores DMart, said that operations and financial performance during the quarter were hit by the lockdown. Revenues were down 32% from the previous year.

Consolidated total revenue for the hypermarket chain stood at Rs 39.3 billion in the June quarter, down from Rs 58.3 billion in the same quarter last year.

In news from the realty sector, shares of Omaxe were locked in a 5% down circuit at Rs 75.85, an 11-year low, despite the company issuing a clarification regarding the recent volatility in the stock price.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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