MARKET COMMENT Jayant Manglik, President, Religare Broking The equity benchmark indices traded in a narrow range, amidst intraday volatility. The Nifty index ended flat to close at 11,391 levels. The broader market indices’ performance was largely in line with the benchmark with BSE Midcap and BSE Smallcap ending with minor losses of 0.2% each. The sector indices exhibited mixed trend with Consumer Durables and Metals being the outperformers whereas, Oil & Gas, Healthcare and Realty were the top losers. Amongst the global markets, both Asian as well as European markets traded higher. With the frontline index trading at record highs, some consolidation cannot be ruled out. We expect stock specific volatility to continue with more corporate earnings scheduled in the next 1-2 weeks. Further, market participants would keep an eye on global developments especially the US-China trade war, progress of monsoon, currency and crude oil price movement
The Nifty 50 index settled at a fresh closing high of 11,389, up 2 points. However, the S&P BSE Sensex ended at 37,666, down 26 points. Earlier in the day the S&P BSE Sensex hit a fresh all-time high of 37,876.87 while the Nifty50 index touched its record high level of 11,428.95 in intra-day deals.
Among sectoral indices, the Nifty PSU Bank index ended over 2 per cent lower due to a fall in share prices of Andhra Bank and Punjab National Bank (PNB).
PNB announces quarterly results
Oil prices rose on Tuesday as the United States reintroduced sanctions against major crude exporter Iran, tightening global markets.
(with wire inputs)