Market News: Nifty ends in green despite smallcap losses
Share Market News: On Monday, Indian markets witnessed a range-bound performance, with the Sensex and Nifty 50 ending in the green. However, the gains were capped due to heavy losses in small-cap stocks. The First Citizens Bank's acquisition of failed Silicon Valley Bank calmed the Wall Street and European counterparts, which had a positive impact on the Indian markets.
While healthcare stocks outperformed, auto, capital goods, and consumer durables stocks weighed down the mood. Heavyweight Reliance Industries and Sun Pharma were the top gainers of the day, boosting the market sentiment.
Sensex closed at 49,517.11, up by 87.74 points, or 0.18%, while the Nifty 50 ended at 14,563.45, up by 6.95 points, or 0.05%. However, the broader markets underperformed, with the BSE Midcap index falling 0.9% and the BSE Smallcap index dropping 1.5%. This was primarily due to profit-booking in small-cap stocks after a prolonged rally.
Healthcare stocks were the major gainers of the day, with Sun Pharma, Dr. Reddy's Laboratories, and Divis Laboratories emerging as the top performers. These stocks gained between 1.4% to 4.4%, following the positive news of their
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treatments and vaccine development.
On the other hand, auto stocks were the major losers of the day, with Maruti Suzuki, Hero MotoCorp, and Bajaj Auto shedding 1% to 3%. This was primarily due to the recent spike in Covid-19 cases, which has led to localized lockdowns and impacted the auto industry's supply chain.
Capital goods stocks, including Larsen & Toubro and Siemens, also witnessed a sell-off, with their stocks losing between 1% to 2%. Consumer durables stocks, such as Titan Company and Whirlpool of India, also witnessed a decline.
Meanwhile, heavyweight Reliance Industries,
with a weightage of 10.97% in the Nifty 50, gained 1.5% on the back of strong performance in its retail and telecom businesses. Sun Pharma, with a weightage of 0.89% in the Nifty 50, gained 4.4% on the back of positive news related to its Covid-19 treatment drug.
while the Indian markets witnessed a range-bound performance on Monday, the gains were capped due to heavy losses in small-cap stocks. However, healthcare stocks outperformed, and heavyweight Reliance Industries and Sun Pharma emerged as the top gainers of the day, boosting the market sentiment.