A highly volatile trading session ended on a flat note with the NSE Nifty snapping its eight day winning streak on Wednesday. Traders opted to book profits in select shares, ahead of the futures & options expiry tomorrow, after the market scaled fresh record highs in noon deals. Infrastructure and metal related stocks bore the brunt of the selling, while financials too tripped from the highest point of the day.
The NSE Nifty came within striking distance of hitting the 9,000-mark, as the index soared to a high of 8,985 in noon trade. The Nifty eventually ended four points higher at 8,914. The India VIX (Volatility) index shot up by 9.3 per cent to 19.77. The broader market outperformed the key benchmark indices today.The breadth, however, was fairly negative - out of 1,740 stocks traded on the NSE, 982 declined and 542 advanced today.
Among sectors - CNX IT was up over a 100 points at 11809.55, the CNX Infra index plunged nearly 2 per cent to 3,280, and the Metal index shed 1.5 per cent at 2,546. The Bank Nifty which touched a fresh life-time high at 20,908, was down 0.3 per cent at 20,492.
Bharti Airtel was the major loser, down 4.7 per cent at Rs. 376, on account of profit-taking following the 12 per cent gain in the preceding five trading sessions. Sesa Sterlite and Jindal Steel dropped around 3 per cent each to Rs. 201 and Rs. 154, respectively. Tata Steel also declined over 2 per cent to Rs. 390. Tata Motors and Larsen & Toubro shed 2.7 per cent each at Rs. 588 and Rs. 1,695, respectively. Kotak Bank slipped nearly 2.5 per cent to Rs. 1,355 on the back of multiple block deals at the counter on the NSE. Cairn India, Hindalco, HDFC Bank, Lupin and Tata Power were the other major losers. DLF surged nearly 3 per cent to Rs. 162.
IT shares were in demand today following the lackluster performance in the recent days. HCL Technologies advanced 2.7 per cent to Rs. 1,659. Tech Mahindra and Wipro advanced over 2 per cent each to Rs. 2,878 and Rs. 612, respectively. TCS too spurted over a per cent to Rs. 2,533. HDFC rallied over 2 per cent to Rs. 1,345. BPCL, Asian Paints and Reliance Industries also gained around 2 per cent each at Rs. 707, Rs. 909 and Rs. 907, respectively. Grasim, ONGC, ACC and SBI were the other prominent gainers. Maurti Suzuki too was up nearly a per cent at Rs. 3,722 after the company yesterday reported 17.8 per cent rise in Q3 net profit. Paint shares were once again in limelight, with the likes of Asian Paints up 1-3 per cent, as Crude Oil prices continued to languish below the $ 50-mark for most part of the month so far.
A total of 84 stocks registered a fresh 52-week high today. Axis Bank, Grasim, ICICI Bank, IndusInd Bank, Kotak Bank, Lupin, Maruti, PowerGrid Corporation, SBI, Tech Mahindra, were some of the major stocks.