Sensex ends flat, auto stocks shine1 min read . Updated: 30 Dec 2019, 03:56 PM IST
- Tata Motors, TVS Motor, Ashok Leyland, M&M and Bosch Ltd were among the top gainers in the auto pack
- Some selling pressure in TCS, SBI and ICICI Bank weighed
Indian stock markets ended flat in the penultimate session of the year. The Sensex ended 17 points lower at 41,558 while Nifty settled marginally higher at 12,260. Auto stocks were in the limelight today with the Nifty auto index logging 1.5% gain. Among the auto stocks, Tata Motors rose 4.3%, TVS Motor 3.53%, Ashok Leyland 2.8% while both M&M and Bosch Ltd logged nearly 1.5% gain.
The Nifty Bank index ended flat after hitting a record high of 32,613 during the session.
Some selling pressure in TCS, SBI and ICICI Bank weighed. TCS fell 0.7%, SBI 0.9% and ICICI Bank 1%.
Broader market continued to show traction. The BSE midcap index today rose 0.29% while the smallcap index advanced 0.75%.
"Market was range bound, premium valuation and lack of fresh triggers influenced investors to take cautious approach on heavyweights. But reasonable valuation of mid and small caps attracted inflows leading to outperformance in the broad market. We expect this polarized valuation not to sustain, there could be shift of money from the overvalued large caps to midcaps in 2020," said Vinod Nair, head of research at Geojit Financial Services.
Ajit Mishra, VP for research at Religare Broking, said he expects markets to remain range bound this week due to lack of any major domestic as well global triggers.
"The market participants would keep a close watch on auto sales data. Recently, auto stocks have seen a decent run up in the recent past in anticipation of revival in volume growth. However, December has always been a soft month especially for the passenger vehicles and the two wheeler industry. Apart from this, movement in crude oil and currency would be actively tracked by traders," he added.
Asian shares were mixed today as investors awaited updates on the signing of a trade deal between the US and China and kept a wary eye on North Korea. North Korean leader Kim Jong Un has set an end-of-year deadline for the US to make major concessions to salvage a fragile nuclear diplomacy that hit a major setback at a summit meeting with President Donald Trump in Vietnam's capital Hanoi.
A truce in the 17-month U.S.-China trade war and positive signs for the economy have helped keep investors in a buying mood. (With Agency Inputs)