Domestic equities remain subdued

  • IANS
  • Stock Market News
Domestic equities remain subdued
Credit: © Reuters.

New Delhi, Aug 8 (IANS) Domestic equities along with its Asian peers were subdued after China reported weak trade data, Siddhartha Khemka, Head - Retail Research, Motilal Oswal (NS: MOFS ) Financial Services, has said. Nifty , after opening on a positive note, edged lower and traded in a narrow range to close with a marginal loss of 26 points at 19,571 levels.

Broader market outperformed with Nifty midcap 100 and smallcap 100 up 0.2 per cent each. Sectorally, it was mixed bag with rally seen in PSU bank, which was up 3 per cent, he said.

Most of the sectoral indices were in red while Nifty PSU Banks, Nifty Pharma and Nifty Bank outperform today with gains of 3.37 per cent, 0.64 per cent, 0.28 per cent, Vaibhav Vidwani, senior research analyst, Bonanza Portoflio, said.

On August 10, the Reserve Bank of India (RBI) is expected to release its monetary policy.

Rate-sensitive industries like Banking, NBFCs, Infrastructure and Real estate, expected to be in the spotlight prior to the policy. Market anticipates the repo rate to remain unchanged that was one of the reason for PSU banks outperformance, he said.

Gland Pharma (NS: GLAD ) was up by 20 per cent because of increase in revenue by 41 per cent on QoQ basis in Q1FY24.

Despite the fact that Concord Biotech's initial public offering (IPO) was a comprehensive offer for sale issue, investors responded favourably to the company. Concord Biotech is supported by the late renowned investor Rakesh Jhunjhunwala's Rare Enterprises, he said.

Hero MotoCorp (NS: HROM ), SBI Life Insurance (NS: SBIL ), Cipla (NS: CIPL ), Tech Mahindra (NS: TEML ) and Wipro (NS: WIPR ) were the top gainer on the Nifty while losers were Adani Enterprises (NS: ADEL ), Power Grid (NS: PGRD ) Corporation, Hindalco Industries (NS: HALC ), M&M (NS: MAHM ) and Divis Labs.

Vinod Nair, Head of Research at Geojit Financial Services said on the global front, investors are adopting a cautious approach even amidst declining bond yields as they await the release of crucial economic data.

The significant drop in Chinese exports has also contributed to concerns within the global market.

FIIs remain in a selling mode in the domestic market, yet active buying from DIIs is mitigating downside risks.

Among sectors, PSU banks and pharma stocks inched up, while mid- and small-cap stocks have continued to outperform the benchmark, showcasing their resilience, he said.



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