Nifty Trades Flat with Positive Bias, Adani Ent Top Gainer: Market Snippet

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Nifty Trades Flat with Positive Bias, Adani Ent Top Gainer: Market Snippet
Credit: © Reuters.

By Malvika Gurung -- Indian market indices made a flat opening and traded flat in Monday’s intraday session, tracking negative cues from Asian peers, while heavyweights players including Adani Enterprises (NS: ADEL ) and Cipla (NS: CIPL ) extended support.

Benchmark indices Nifty50 traded flat with a positive bias at 18,683.9 levels, while Sensex dipped 1.5 points to 62,977.9 levels at 12:10 pm. The market fear barometer India VIX jumped 6.14% to 11.92 levels during the session.

Sectoral indices listed under the Nifty umbrella traded mixed, while gains led by Nifty Pharma and Nifty Healthcare extended support, while Nifty Auto contributed to the vigour. Nifty Bank was flat.

Nifty PSU Bank , on the other hand, retreated the most on the sectoral pack, dipping 0.5% at the time of writing.

Broader market indices NIFTY Smallcap 100 and NIFTY Midcap 100 outperformed the headlines, rising up to 0.5% each on Monday.

On the Nifty50 pack, state-owned behemoths NTPC (NS: NTPC ), Coal India (NS: COAL ), PowerGrid Corporation (NS: PGRD ) and Bharat Petroleum (NS: BPCL ) exerted pressure.

The brokerage stock ICICI Securities (NS: ICCI ) jumped 15% and hit a new 52-week high on Monday following announcements of the parent firm ICICI Bank (NS: ICBK ) considering a proposal to delist the company in a Board meeting this week.

Continue Reading: ICICI Securities Spike 15%, Hit 52-Week High on Proposal to Delist From ICICI Bank

On the flip side, shares of India’s leading cement producer Shree Cement (NS: SHCM ) cracked 10% and hit a fresh multi-month low during the session after a report of the company evading Rs 23,000 crore in taxes, claiming to be the biggest tax evasion to date.

Read More: Shree Cement Sheds 10% on Tax Evasion of Rs 23,000 Crore Report, IT Survey

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