Markets end with modest gains on value-buying

The session was marked by volatility and stock-specific action, even as the overall sentiment remains risk-averse, brokers said.

Benchmarks halted their five-session rout today as participants returned to buying mode, snapping up recently-battered auto, metal, banking and realty stocks.

The session was marked by volatility and stock-specific action, even as the overall sentiment remains risk-averse, brokers said.

The 30-share BSE Sensex finished at 34,651.24, up just 35.11 points, while the broader Nifty inched up 20 points to 10,536.70.

Global markets were mixed, with US stocks posting a good show as investors applauded easing of trade tensions between the US and China.

Back home, the 30-share Sensex opened in the green and hit a high of 34,754.60, but slipped in see-saw trade.

It finally settled at 34,651.24, showing a gain of 35.11 points, or 0.10 per cent.

The index had lost 940.58 points in the previous five sessions on political and macroeconomic concerns.

The broader NSE Nifty, after shuttling between 10,558.60 and 10,490.55, finished the day at 10,536.70, showing a gain of 20 points, or 0.19 per cent.

Meanwhile, domestic institutional investors (DIIs) made purchases worth Rs 1,190.56 crore while foreign portfolio investors (FPIs) sold shares worth a net Rs 496.03 crore on Monday, as per provisional data.

"Domestic market started off on a positive note supported by firm global cues and marginal recovery in INR. However, volatile trade continued in market on concerns of higher oil prices and muted Q4 results.

"Short covering in PSU banks continued after fair recognition of stressed assets and pick-up in NPA resolution process through NCLT," said Vinod Nair, Head of Research, Geojit Financial Services.

SBI spurted 3.69 per cent after the state-run behemoth reported a record net loss of Rs 7,718 crore for the March quarter.

Dr Reddy's was the biggest gainer in the Sensex pack, surging 6.30 per cent, followed by Bajaj Auto at 3.86 per cent.

Other gainers were Tata Motors 3.78 per cent, Coal India 3.23 per cent, Sun Pharma 2.07 per cent, Maruti Suzuki 1.56 per cent, Infosys 0.93 per cent, Bharti Airtel 0.46 per cent, L&T 0.45 per cent, Hero MotoCorp 0.41 per cent, NTPC 0.40 per cent, M&M 0.40 per cent, ICICI Bank 0.38 per cent, Yes Bank 0.16 per cent, HUL 0.07 per cent, Wipro 0.06 per cent and Tata Steel 0.05 per cent.

In contrast, TCS slipped 1.40 per cent, Asian Paints 1.27 per cent, Axis Bank 1.27 per cent, IndusInd Bank 1.19 per cent, ITC 1.17 per cent, Power Grid 1.15 per cent, Adani Ports 0.90 per cent, Kotak Bank 0.75 per cent, ONGC 0.70 per cent, HDFC Ltd 0.57 per cent, RIL 0.54 per cent and HDFC Bank 0.04 per cent.

The BSE Auto index took the pole position among sectoral indices, rising 1.73 per cent, followed by metal 1.58 per cent, realty 1.26 per cent, healthcare 1.13 per cent, PSU 0.79 per cent, infrastructure 0.73 per cent, capital goods 0.69 per cent, consumer durables 0.37 per cent and bankex 0.25 per cent.

However, oil & gas and FMCG ended in the negative zone, falling up to 0.41 per cent.

The broader markets showed a firm trend, with the small-cap and mid-cap indices gaining 0.65 per cent each.

Sugar stocks spurted on reports that the government might create buffer stocks to curb falling prices. Mawana Sugar surged 10.90 per cent, Dwarikesh Sugar 9.57 per cent, Dhampur Sugar 9.18 per cent, Rajshree Sugars 19.53 per cent and Balrampur Chini Mills 11.29 per cent.

In the Asian region, Shanghai Composite Index inched up 0.02 per cent, while Japan's Nikkei ended 0.18 per cent lower.

In Europe, Frankfurt's DAX rose 0.19 per cent, while Paris CAC 40 gained 0.06 per cent in late morning deals. London's FTSE too was up 0.32 per cent.

Photograph: Danish Siddiqui/Reuters