Sensex, Nifty trim gains amid late sell-off; RIL shines, auto stocks whine

CLOSING BELL: The S&P BSE Sensex ended 127 points higher; Among the broader indices, the Smallcap index tumbled 1.6 per cent.

Stock Market Highlights: The key benchmark indices, Sensex and Nifty displayed strength for the major part of the trading day on Monday backed by steady buying in Reliance Industries, FMCG and IT shares. However, weakness in auto, power and select financial shares forced the benchmarks pare gains towards the close.

The S&P BSE Sensex touched a high of 58,020 – up almost 500 points, but eventually ended with a gain of 127 points at 57,654.

The NSE Nifty 50 jumped to a high of 17,091, before signing-off the day with a mere 41-point gain at 16,996.

Among the Sensex 30 stocks, Reliance Industries advanced 1.5 per cent. Sun Pharma, Hindustan Unilever and Infosys were the other notable gainers. On the flipside, Axis Bank, Mahindra & Mahindra, PowerGrid Corporation and NTPC were down around a per cent each.

In the broader market, the S&P BSE Midcap slipped 0.4 per cent, while the Smallcap index tumbled 1.6 per cent. The overall breadth too was negative, with almost three stocks declining versus every advancing share on the BSE.

Sectorally, the BSE Utilities index slumped 2.5 per cent, and the Power index plunged 2 per cent. The Telecom and Realty indices were down around a per cent each.

Realty shares witnessed selling pressure amid reports of possible hike in stamp duty and ready reckoner rates in Maharashtra. READ MORE

That apart, shares of select AMC’s reeled under selling pressure for the second straight day following the proposed change in taxation norms for debt funds. Aditya Birla Sun Life hit a record low on Monday. READ MORE