Volatility continued to dominate Dalal Street on Monday as the frontline indices erased all their morning gains to settle in the negative zone. Financial stocks such as ICICI Bank, HDFC Bank, and HDFC contributed the most to the indices' losses. However, buying in auto and IT counters gave the much-needed support to the market.
At the index level, the S&P BSE Sensex shed over 81 points or 0.26 per cent to 31,561.22 levels. Of 30 constituents, 16 declined and 14 advanced. ICICI Bank (down over 5 per cent) ended as the top loser on the index while Hero MotoCorp (up over 6 per cent) emerged as the top gainer on the index.
On the NSE, Nifty slipped 12 points or 0.13 per cent to settle at 9,239.20.
In the broader market, midcaps, however, outperformed the market as the S&P BSE MidCap index gained 0.65 per cent to 11,498.01 levels. The S&P BSE SmallCap index, on the other hand, ended 0.10 per cent down at 10,628 levels.
Sectorally, auto stocks advanced the most with the Nifty Auto index ending over 4 per cent higher at 5,680 levels. On the flip side, Nifty Bank slipped over 2 per cent to 18,950.50 points and Nifty Private Bank index settled at 10,379.25, down over 2 per cent.
Shares of Hero MotoCorp ended over 6 per cent to Rs2085.85 on the BSE after the country's largest two-wheeler maker Hero on Sunday said it has resumed operations across 1,500 touch-points, including authorised dealerships, across the country. These outlets contribute to around 30 per cent of the Company’s total domestic retail sales.
Shares of Indian Railway Catering and Tourism Corporation (IRCTC) were locked in the upper circuit band of 5 per cent at Rs 1,302.85 apiece on the BSE after Ministry of Railways announced that the Indian Railways will gradually restart passenger train operations from May 12, initially with 15 pairs of trains.
European shares climbed on Monday as investors clung to signs that more countries were restarting their economies and looked past reports of a pick-up in new coronavirus cases. E-Mini futures for the S&P 500 opened softer but bounced as the Asia day wore on and were last up 0.1 per cent.
MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 0.86 per cent. World shares, measured by the MSCI world equity index which tracks shares in 49 countries, ticked 0.1 per cent higher - it has now risen 16 per cent from its March lows.
In commodities, oil prices slipped more than 1 per cent as concern over a persistent glut and economic gloom caused by the coronavirus pandemic cancelled out support from supply cuts at some of the world’s top producers.