Indian equities settled the range bound trade on flat note on Monday due to lack of participation from investors ahead of Christmas holiday and F&O expiry this week. European and Asian indices were mixed and didn't provide any concrete cues for the market trend.
Among the major sectoral indices, Technology sector was the top gainer, up by about 1%. Realty and IT sectors were the next best performers, up by about 0.9% each, followed by Healthcare sector, which was up by 0.8%. Among the sectors which lost in today's trade were Metal, down by 0.5%, followed by Oil & Gas, and Consumer Durables.
Rakesh Goyal, senior vice president, Bonanza Portfolio, said "Nifty continues to show consolidation in upper range of 5825-5965 however, some profit-booking has been seen in last three trading sessions, and volumes too have lowered relatively. However, despite the selling in some of the sectors, it is still holding above 5850 level in near term, which is a positive indicator. Any positive news can lead to upward breakout of the range. Last 3 days have given bearish signal and Nifty has closed near the lower side of the range of 5825-5965. Indecision shall be there till Nifty trades within this range. It is to be seen if Nifty sustains above 5825 level, as this will be deciding level for coming days."
Commenting on the technical outlook for the coming sessions, Goyal said, "Nifty is likely to witness further selling pressure below 5825 level and may see consolidation within 5800-5950 in the coming sessions. Support may be seen from 5825-5800 levels and resistance near 5890-5920."
At the close, the 30-share benchmark index, BSE Sensex ended flat with a rise of 13.09 points or 0.07% at 19,255.09, 12 components registering rise. Meanwhile, the broad based NSE Nifty climbed by 8.05 or 0.14% at 5,855.75 with 27 components registering rise.
Tata Motors contributed rise of 16.29 points in the Sensex. It was followed by Infosys (15.22 points), Sun Pharmaceutical Industries (5.2 points), Hindustan Unilever (5.15 points) and Wipro (4.9 points).
However, Oil & Natural Gas Corporation contributed fall of 12.36 points in the Sensex. It was followed by Reliance Industries (6.18 points), I T C (5.19 points), Maruti Suzuki India (4.09 points) and Housing Development Finance Corporation (3.53 points).
Biggest gainers in the 30-share index were Tata Motors (2.44%), Wipro (1.78%), Sun Pharmaceutical Industries (1.46%), Infosys (1.15%), Tata Power Company (1.09%), and Bajaj Auto (0.84%).
On the other hand, Jindal Steel & Power (1.93%), Oil & Natural Gas Corporation (1.88%), Maruti Suzuki India (1.60%), Sterlite Industries (India) (1.58%), Reliance Industries (0.36%), and Hero Motocorp (0.31%) were the major losers in the Sensex.
Mid & Small-cap Space
The BSE Mid and small caps outperformed their larger counterparts gaining 0.36% and 0.32% respectively.
The major gainers in the BSE Midcap were Amtek Auto (5.29%), A I A Engineering (4.22%), CORE Education and Technologies (1.99%), Andhra Bank (0.84%) and Anant Raj (0.16%).
The major gainers in the BSE Smallcap were Genesys International Corporation (4.12%), Adhunik Metaliks (2.16%), Trident (0.99%), Aegis Logistics (0.45%) and Aarti Industries (0.05%).
Market breadth was negative with 1,485 advances against 1,454 declines.
Value and Volume Toppers
Jet Airways (India) topped the value chart on the BSE with a turnover of Rs. 730.60 million. It was followed by United Spirits (Rs. 485.02 million), Tata Motors (Rs. 458.68 million) and Tata Steel (Rs. 412.81 million).
The volume chart was led by Lanco Infratech with trades of over 9.41 million shares. It was followed by Kingfisher Airlines (5.76 million), Spicejet (5.04 million) and Suzlon Energy (2.80 million).