Market Wrap: Banks, FMCG stocks drag markets as Sensex, Nifty end flat on monthly expiry
FMCG stocks neutralised the gains made from the uptick in auto stocks. While the S&P BSE Sensex settled at 78,472.48, down by 0.39 points, the broader Nifty closed at 23,750.20, higher by 22.55 points or 0.1%.
Banking gauge Nifty Bank settled at 51,170.70, gaining by 62.30 or 0.12%.
Top Gainers & Losers
Nifty's breadth was skewed in favour of the gainers as 31 stocks ended in the green, 18 in the red while one remained unchanged. The top gainers were Adani Ports, Mahindra & Mahindra (M&M), SBI Life Insurance Company, Maruti Suzuki and Shriram Finance while the top losers were Titan, Asian Paints, Tata Consumer Products, JSW Steel and Grasim Industries.
Among Nifty sectoral indices, the laggards were Nifty Bank (0.12%), Nifty FMCG (0.32%) and Nifty Media (1.46%) while Nifty Auto (0.84%), Nifty Pharma (0.68%) and Nifty Healthcare (0.78) ended on the positive side.
Expert View
Commenting on the trends, Chandan Taparia, Head, Equity Derivatives & Technicals, Wealth Management at MOFSL said that Nifty has traded in a narrow range of 300 points this week and is not showing any clear direction. «For the last three days index struggled near the 23,870 level on the upside while finding support around 23,600 on the downside. This tug of war between bulls and bears led to the formation of multiple Doji candles and inside bars on the daily chart indicating indecision. Nifty is hovering near its 200-day EMA and trading below its short-term moving averages as well. On the weekly chart, the index has formed a Doji candle
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