Market at Close | Sensex, Nifty end largely lower amid volatility, Midcaps underperform

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a day marked by volatility, the equity benchmark indices Sensex and Nifty on Monday (May 6) witnessed a mixed session as indices struggled to find direction amidst a plethora of factors influencing investor sentiment.

The Reserve Bank of India’s (RBI) draft on infrastructure lending weighed heavily on public sector undertakings (PSUs), leading to a notable slip of 3-4% in the PSUs, PSU Bank, and PSE indices.

Most sectoral indices experienced declines, further exacerbated by a surge in the Volatility Index, reaching a 52-week high. The Sensex managed to eke out a modest gain of 17 points, closing at 73,896, while the Nifty succumbed to selling pressure, falling 33 points to settle at 22,443.

Midcap stocks bore the brunt of the market turmoil, with the Midcap Index slipping 273 points to 50,662, and the Nifty Bank shedding 28 points to 48,895.

Among individual stocks, Britannia and Kotak Mahindra Bank emerged as the top gainers on the Nifty, buoyed by robust Q4 results. However, Titan faltered, plunging 7% after reporting lower-than-estimated earnings for the quarter.

Godrej Properties soared to a record high, surging over 10% on the back of strong guidance. Deepak Nitrite also witnessed a notable uptick, spurred by a double upgrade from Morgan Stanley.

Marico’s stock rose 2% as its Q4 earnings met market expectations, while Lupin managed to claw back from lows to close in the green ahead of its quarterly results. Arvind staged an impressive recovery, climbing 14% from its lows post the release of its Q4 results data.

Paytm faced a setback, sliding 5% following the resignation of its
Chief Operating Officer (COO) and President, Bhavesh Gupta. Tata Technologies, Inox Green, Jammu & Kashmir Bank, and M&M Financial Services witnessed declines of up to 3% each after reporting their Q4 results.

Angel One experienced a sharp decline of more than 3% as gross client acquisition month-on-month continued to fall. With the market breadth favouring declines, the advance-decline ratio stood at 1:2.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow