Sensex, Nifty End Volatile Day On A Flat Note; ONGC, Hero MotoCorp Among Top Losers

Photo by Onkarphoto on Unsplash

Indian share markets witnessed volatile trading activity throughout the day today and ended on a flat note.

Benchmark indices witnessed selling pressure for the sixth straight day as investors sold IT, financial, and auto stocks in the later half of the session.

At the closing bell, the BSE Sensex stood lower by 69 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 29 points (down 0.2%).

Kotak Mahindra and Titan Company were among the top gainers today.

ONGC and Hero MotoCorp, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,069, down by 34 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.6% and 0.9%, respectively.

Sectoral indices ended on a mixed note with stocks in the energy sector and auto sector witnessing most of the selling pressure.

Realty and consumer durables stocks, on the other hand, witnessed buying interest.

Asian stock markets ended on a mixed note today.

The Hang Seng and the Shanghai Composite ended up by 0.6% and 0.9%, respectively. The Nikkei ended down by 1.7% in today's session.

US stock futures are trading on a positive note today with the Dow Futures trading up by 234 points.

The rupee is trading at 74.56 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.6% at Rs 50,030 per 10 grams.

In news from the travel support services sector, Easy Trip Planners was among the top buzzing stocks today.

EaseMyTrip, an online travel platform, has partnered with Toffee Insurance, an insurtech company, to provide innovative and tailored travel insurance solutions to its customers.

As a part of this association, Toffee Insurance will manage all travel insurance products for added value and provide extra protection to customers of EaseMyTrip cancelling flight bookings due to medical emergencies.

The free of charge policy, eliminates the risk of losing booking charges as customers will get a complete refund including the money deducted by airlines, according to EaseMyTrip.

Rikant Pittie, co-founder, EaseMyTrip said,

  • While travel is reviving at a strong rate, customers are still concerned about medical emergencies that can arise right before a travel plan. We are delighted to partner with Toffee Insurance while we continue to offer our first-of-its-kind, free-of-charge, full refund medical policy that provides the additional travel flexibility required during such trying times for our customers. We believe that Toffee's proven track record of delivering great results will complement EaseMyTrip's exceptional efforts to offer value-added services to its customers.

To avail this service, a customer has to choose this policy while booking their ticket on EaseMyTrip's website and app. The policy can be claimed by uploading a doctor's prescription citing the medical illness.

In the December 2021 quarter, the company's consolidated net profit rises 82.9% to Rs 400.3 m against Rs 218.9 m during the previous quarter a year ago.

Easy Trip Planners share price ended the day up by 0.6% on the BSE.

Moving on to news from the realty sector...

Dilip Buildcon Soars After Bagging Rs 11.4 bn Road Project Order in Chhattisgarh

Shares of Dilip Buildcon jumped 5.7% in early trade today after the company said it has won a road project order in Chhattisgarh worth Rs 11.4 bn.

The construction and infrastructure development firm has been declared as L-1 bidder for a new hybrid annuity model (HAM)project in Raipur-Visakhapatnam.

The order, which is for tenders floated by the National Highways Authority of India (NHAI) on hybrid annuity basis in the state of Chhattisgarh is for the development of the six lane Sargi - Basanwahi Section of NH-130-CD Road from km 42+800 to km 99+500 under Raipur-Visakhapatnam Economics Corridor, reports said.

In the third quarter of the current financial year, Dilip Buildcon reported a net loss of Rs 191.6 m against a net profit of Rs 1.1 bn the same time a year ago. Sequentially, the net loss narrowed from Rs 4.4 bn in July-September.

Dilip Buildcon reported a total income of Rs 22.6 bn in October-December against Rs 27.6 bn the same time a year ago.

According to reports, the company reported total income of Rs 69.4 bn during the nine months ended 31 December 2021 compared to Rs 70.7 bn during the same time a year ago.

Dilip Buildcon share price ended the day down by 0.3% on the BSE.

Speaking of stocks, here's a pattern that if you see, you must sell your position. After all, exits are more important than entries.

In the chart below, we can see the head and shoulder pattern - the stock goes up, makes a high, falls a little bit, goes up to a higher high, does not make a higher low, rallies again, fails to make a new high, and then starts to break down.

(Click on image to enlarge)

This usually happens in a situation where a stock or index has typically been in a bull trend for a while. Spotting this correctly can help you save money.

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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