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MARKET WRAP: Benchmarks end flat, mid-caps tumble; Bharti Airtel surges 4%
All that happened in the markets today
Weak gross domestic product (GDP) print for September quarter, and dip in auto sales figures after festive season weighed on investor sentiment on Monday, as market players chose to remain on the sidelines in the lacklustre trade. Index heavyweights like Bharti Airtel and Reliance Industries, which ended 4 per cent and 2 per cent higher, respectively, however, provided some support to an otherwise weak market.
The benchmark S&P BSE Sensex closed 8.36 points, or 0.021 per cent, higher at 40,802.17 levels, with Bharti Airtel being the top gainer, and YES Bank being the top drag. The Sensex touched an intra-day high and low of 41,093.99 and 40,707.63, respectively.
On the NSE, the broader Nifty50 index held the psychological mark of 12,000, and closed at 12,048.20, down 7.85 points or 0.065 per cent.
Sectorally, Nifty Auto and IT indices slipped the most, down nearly a per cent. Nifty Metal index, however, managed to close 0.27 per cent higher.
In the broader market, mid-caps declined the most. The S&P BSE mid-cap index settled 116.65 points, or 0.77 per cent, lower at 14,968.21 levels. The S&P BSE small-cap index, on the other hand, closed at 13,508.22 level, down 52.35 points, or 0.39 per cent.
Shares of telecom services providers rallied up to 10 per cent on the BSE in the early morning deals on Monday on the back of tariff hike plan. Bharti Airtel surged 10 per cent to Rs 486, also its fresh 52-week high on the BSE. Reliance Industries (RIL), the parent company of Reliance Jio, hit a new high of Rs 1,614, up 4 per cent, while Vodafone Idea (VIL) soared 24 per cent to Rs 8.44 on the BSE. READ MORE
On the other hand, auto stocks slipped in the trade after data showed sales of passenger vehicles in November declined after increasing in the previous month. Maruti Suzuki India (MSI) was trading over a per cent lower while Bajaj Auto and Hero MotoCorp were down around half a per cent.
Stock markets rebounded on Monday as decent manufacturing data in China and renewed optimism over a trade deal eroded some of the jitters which emerged among investors last week. The recovery in Europe followed gains in Asia, where share prices again approached record highs as investors stuck with bets that a trade deal between the United States and China is imminent.
Japan's Nikkei index settled over 1 per cent higher, and South Korea's Kospi ended 0.19 per cent higher. Moreover, the Euro STOXX 600 rose 0.26 per cent, while the German DAX was 0.23 per cent higher. French and British shares were also climbing.
(With inputs from Reuters)
(With inputs from Reuters)