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Home > Business News > Business News > Article > Sensex Nifty settle almost flat in lacklustre trade

Sensex, Nifty settle almost flat in lacklustre trade

Updated on: 19 August,2024 08:03 PM IST  |  Mumbai
mid-day online correspondent |

Benchmark equity indices Sensex and Nifty ended on a flat note in a lacklustre trade on Monday, as investors preferred to remain on the sidelines awaiting further triggers.

Sensex, Nifty settle almost flat in lacklustre trade

Representative image

The benchmark indexes Sensex and Nifty finished practically flat in a dull trading day on Monday, as investors elected to remain on the sidelines, waiting for new market triggers.


Investors took profits in a few blue-chip stocks on concerns about high valuations. According to market observers, selective buying in metals, oil & gas, and IT companies helped to strengthen the indices, reported PTI. 


According to the report, in a day of range-bound trading, the 30-share BSE Sensex fell 12.16 points, or 0.02 per cent, to settle at 80,424.68. Throughout the session, it peaked at 80,724.40 and fell to 80,332.65. Meanwhile, the NSE Nifty gained 31.50 points, or 0.13 per cent, to close at 24,572.65.


"The Indian market failed to maintain initial gains due to profit booking in auto stocks, driven by concerns over a demand slowdown. However, oil stocks gained momentum after the reduction in windfall tax on crude oil. The recent positive economic data from the US reduced fears of a recession, and a decline in the dollar index increased expectations of a rate cut in the upcoming September FOMC meeting," Vinod Nair, Head of Research at Geojit Financial Services told PTI. 

Reportedly, the greatest losers among the 30 Sensex corporations were Mahindra & Mahindra, IndusInd Bank, Bharti Airtel, Axis Bank, Tata Motors, and ICICI Bank. Tata Steel, Tata Consultancy Services, NTPC, JSW Steel, Asian Paints, and Reliance Industries fared well.

"Markets traded within a narrow range due to low participation from traders, likely due to the Raksha Bandhan holiday. However, selective buying in metals, oil & gas, and IT shares helped the indices end mixed," said Prashanth Tapse, Senior Vice President (Research) at Mehta Equities Ltd.

In the broader market, the BSE small-cap index jumped 1.33 per cent, while the mid-cap index rose 0.53 per cent, the report added. 

The news agency report further added that metals rose 2.28 per cent, oil and gas 1.76 per cent, energy 1.52 per cent, utilities 1.17 per cent, and commodities 1.02 per cent. However, the auto, banking, and capital goods sectors experienced drops.

In Asian markets, Shanghai and Hong Kong closed higher, while Seoul and Tokyo closed lower. European markets were mainly trading higher, while US markets closed positively on Friday, the report added.

"Markets started the week on a muted note and ended nearly flat, taking a breather after Friday's strong surge. After an initial rise, the Nifty traded within a narrow range," said Ajit Mishra, Senior Vice President (Research) at Religare Broking Ltd.

On Friday, FIIs purchased equities worth Rs 766.52 crore, according to exchange statistics. Domestic Institutional Investors (DIIs) purchased securities worth ₹2,606.18 crore on that day.

Osho Krishan, Senior Analyst - Technical & Derivatives at Angel One Ltd, said, "Going forward, it will be crucial to closely monitor the banking sector, as momentum in this sector could significantly boost market sentiments. With a lack of domestic triggers, global developments will likely influence market conditions, so it's important to stay informed about global trends."

Global oil benchmark Brent crude fell 0.82 per cent to USD 79.03 per barrel.

On Friday, the BSE Sensex rose 1,330.96 points, or 1.68 per cent, to close at 80,436.84, its largest single-day increase in more than two months. The NSE Nifty gained 397.40 points, or 1.65 per cent, to settle at a two-week high of 24,541.15.

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