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BW Businessworld

Indian Indices Close Flat with Positive Bias Amid Volatility

Shares of HDFC Bank and RIL dragged the Sensex to close flat with declines in 14 out of 30 shares

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The Dalal-Street on Tuesday closed flat as participants booked some profits in the late-afternoon session and pushed the benchmarks to clear their early gains. Analysts said that the sell-off in the markets is induced by the rising cases and fresh curbs in the country which can further defile the growth outlook. 

The frontline S&P BSE Sensex slipped lower to trade flat after 300 points gain in the morning session and reached its day low at 48,936 amid selling pressure in heavyweight stocks like HDFC Bank and Reliance Industries Limited. However, a strong movement in Pharma and Metal stocks backed the index to close above 49,200, up by 42 points. 

On the NSE, the Nifty-50 closed up by 45 points to settle at 14,683.50. The Nifty Banking index dropped 177 points dragged by shares of IndusInd Bank and Axis Bank.

Adani Ports, Tata Consumer Products, and Asian Paints were the top index gainers as they clocked major gains throughout the day. 

Shares of Adani Ports surged over 14 per cent in the day's trade after the company reported a 41 per cent growth Year-over-Year in the cargo volume business in March, the stock reached its new record high of Rs 852.70. 

Meanwhile, in the broader markets, BSE Midcap and Smallcap traded higher by a per cent each. In the Smallcap index, shares of Sobha, HEG, and Panacea Biotech gained nearly 20 per cent each. 

"While the tussle between the Virus and the Vaccine continues to add to the volatility, savvy investors were seen accumulating midcap stocks having higher growth prospects", said S Ranganathan of LKP Securities.

Panacea Biotech surged 20 per cent and reached its intraday high of Rs 221.25 on Tuesday after the company announced that it would produce 100 million doses of Sputnik V coronavirus vaccine. The company tied up with the Russian Direct Investment Fund for the same, Russia's sovereign wealth fund. 

On the flipside, Power Grid Corporation, Eicher Motors, and IndusInd Bank slipped red and closed lower by 1-2 per cent each. 

Taking the negative impact of the recent restrictions imposed in several parts of the country, the Hospitality industry is further set to see a downtrend in the demand. Shares of Lemon Tree Hotels and Jubilant Foodworks decline seven and five per cent each on Tuesday after several states imposed strict rules to prevent the spread of virus.

At closing, 1654 shares ended with gains in the day's trade, and 1176 shares closed with declines. 

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