Top gainers, losers today: Power Grid, Titan, Hindalco, HDFC Bank, among most active stocks
Stock market closes in red as investors book profits after recent highs. Sensex down 0.36%, Nifty down 0.29%.
PremiumStock Market News: The benchmark equity indices closed in the red on Monday, with the benchmarks witnessing mild profit booking. Investors may have taken some money off the table after the indices hit their fresh highs last week.
On Monday, Sensex closed with a loss of 242 points, or 0.36 per cent, at 67,596.84 while the Nifty ended 59 points, or 0.29 per cent, lower at 20,133.30.
Power Grid Corporation of India Ltd (up 3.12%), Titan Company Ltd (up 2.66%), HDFC Life Insurance Company Ltd (up 2.43%), Mahindra & Mahindra Ltd (up 2.26%), and Bharat Petroleum Corporation Ltd (up 2.26%)were among the top gainers of Nifty 50. Hindalco Industries Ltd (down 2.19%), HDFC Bank Ltd (down 1.93%), Adani Ports and Special Economic Zone Ltd (down 1.80%), and Dr Reddy's Laboratories Ltd (down 1.68%) were among the laggards today.
Indian stock indices touched fresh highs on Friday, largely due to strong cues from US markets and consistent fund inflows by foreign portfolio investors. On Thursday too, they tasted fresh highs. Sensex and the Nifty scaled new highs on Friday, driven by gains made by heavyweights of the banking, auto, and IT industries including HDFC Bank, TCS, and Mahindra & Mahindra. Market sentiment was optimistic, mirroring favourable global cues after recent data suggested that China's economy might be on the recovery.
Investors this week are likely to be cautious in light of the US Federal Reserve meeting set for Tuesday and Wednesday. During its July meeting, the US central bank increased its benchmark interest rate by 25 basis points, making it the highest in the past 22 years at 5.25–5.5%. This move was made in an effort to tackle rising inflation.
According to Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities, the benchmark Nifty kicked off the week in the red, with benchmark losing about 0.3%, as traders took a cautious approach ahead of several monetary policy decisions this week including from the Fed, the BoE, the BoJ and central banks in Sweden, Norway and Switzerland.
PSU Banks index however build on its recent goodish positive momentum, and scaled fresh all-time-high and was up 3% for the day. Meanwhile, the two biggest negative catalysts which were seen denting sentiments were: WTI Crude oil futures rose above $91 per barrel, hovering at the highest levels in over ten months amid expectations of a widening market deficit in the fourth quarter due to extended supply cuts by Saudi Arabia and Russia, as well as hopes of a demand recovery in China.
The US dollar index held above 105, flirting with its highest levels in six months
Also Read: Market Wrap: Sensex snaps 11-day winning streak; PSU banks buck the trend
"Domestic markets relinquished their momentum as they anticipated a raft of policy rate decisions due this week. The investor's confidence was also impacted by the expectations of a demand resurgence in China, combined with crude supply cuts. With the Fed rate hike fears back on the cards, as reflected in the elevated US bond yields, the markets await clarification from major central banks," said Vinod Nair, Head of Research at Geojit Financial Services.
Here is the list of stocks who are top losers and gainers during September 18 trading session:
Sensex
Top Gainers: Power Grid Corporation of India Ltd (up 3.01%), Titan Company Ltd (up 2.73%), Mahindra & Mahindra Ltd (up 2.65%), NTPC Ltd (up 2.07%), and Bajaj Finserv Ltd (up 1.35%).
Top Losers: HDFC Bank Ltd (down 1.98%), Bharti Airtel Ltd (down 1.71%), Infosys Ltd (down 1.40%), Ultratech Cement Ltd (down 1.36%), and Tata Steel Ltd (down 1.21%).
Nifty
Top Gainers: Power Grid Corporation of India Ltd (up 3.12%), Titan Company Ltd (up 2.66%), HDFC Life Insurance Company Ltd (up 2.43%), Mahindra & Mahindra Ltd (up 2.26%), and Bharat Petroleum Corporation Ltd (up 2.26%).
Top Losers: Hindalco Industries Ltd (down 2.19%), HDFC Bank Ltd (down 1.93%), Adani Ports and Special Economic Zone Ltd (down 1.80%), Dr Reddy's Laboratories Ltd (down 1.68%), and Bharti Airtel Ltd (down 1.49%).
BSE
Top Gainers: KIOCL Ltd (up 19.99%), Indian Overseas Bank Ltd (up 17.85%), UCO Bank Ltd (14.99%), Easy Trip Planners Ltd (up 12.10%), and IFCI Ltd (up 11.15%).
Top Losers: Vodafone Idea (down 6.82%), Jaiprakash Associates Ltd (down 6.34%), Raymond Ltd (down 5.22%), GTL Infrastructure Ltd (down 4.58%), and Century Textiles & Indsutries Ltd (down 4.32%).
NSE
Top Gainers: KIOCL Ltd (up 19.98%), PTL Enterprises Ltd (up 16.46%), Indian Overseas Bank Ltd (up 14.30%), Ramco Systems Ltd (up 14.15%), and UCO Bank Ltd (up 13.37%).
Top Losers: Vodafone Idea Ltd (down 6.41%), Elgi Rubber Company Ltd (down 6.18%), Jaiprakash Associates Ltd (down 6.18%), Baid Finserv Ltd ( down 5.80%), and BPL Ltd (down 5.62%).
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