Markets range-bound, metal, auto stocks’ shine (Ld)

Mumbai, Dec 3 : After making a new record high benchmark index – NSE Nifty50 – traded in a tight range during Thursday’s mid-afternoon session.

Accordingly, after opening at a new all time high of 13,216, Nifty hovered around the 13,140 mark.

Analysts cited global profit booking as well as expensive stock valuations for keeping the index subdued.

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Nonetheless, broader market indices like Midcap and Smallcap continued to outperform the Nifty.

Among sectors, Metals, Realty, Power, Auto and Consumer Durables index gained the most while IT sector came under profit taking.

“Nifty despite the minor slide is still above the earlier record of 13,146,” said Deepak Jasani- Head of Retail Research at HDFC Securities

“The slow upward grind of the Nifty continues while individual stocks or sectors continue to do well.”

According to Gaurav Garg, Head of Research, CapitalVia Global Research: “Nifty’s rally was backed by high FPI inflows, positive news on the vaccine front and increasing retail investor participation.”

“Bank Of Baroda, Procter & Gamble Hygiene, Maruti and Punjab National Bank were the top gainers whereas ICICI Lombard General Insurance, Larsen & Toubro Infotech and SBI Life Insurance Company were among the major losers in the Nifty 100 pack.”

Around 2.15 p.m., the NSE Nifty50 was traded at 13,141.45, up by 27.70 points or 0.21 per cent from its previous close.

Sensex was trading at 44,679.15, higher by 61.11 points or 0.14 per cent from the previous close of 44,618.04.

“Indian indices trade in a tight range, Global market sees some profit booking,” said Yash Gupta- Equity Research Associate, Angel Broking.

“We expect market to trade in range bound and 13,200 will become a hurdle for Nifty in the short term.”

Disclaimer: This story is auto-generated from IANS service.

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