The Sensex managed to close at record high while the Nifty gave up the opening gains to shut the session in the red.
The benchmark Sensex slipped 89 points from the intra-day record high of 36,947 to close with a minor gain of 33 points at 36,858 and, the Nifty ended the session 2 points in the red after a range-bound trade of gaining 87 points to 36,909 and Nifty 10 points to 11,144.
But gains at the index level are not reflecting at stock level. Twelve Nifty stocks are still at or within 5 percent of record highs and 29 stocks are 15-40 percent of highs. In today’s trade, HDFC twins, SBI were top contributors to Index gains while Axis Bank and TCS dragged.
In the broader markets, the Nifty Midcap index slipped from highs to close flat at 18505 and Nifty Bank at 27,031, with a gain of 57 points.
On the earnings front, Jubilant Food reported a healthy same-store-sale growth of 25.9 percent against the estimate of 18-20 percent growth. But, stock closed with a fall of 3 percent as profit booking was seen post earnings.
From the space of steel, JSW Steel reported operationally strong earnings, but stock tanked more than 2 percent on the commentary related to diversion of steel imports. JSW Steel said, “It saw a diversion of steel imports from steel surplus countries into India due to imposition of Section 232 in the US & steps taken by EU.”
Amongst PSU banks, OBC saw reduction in total slippages to Rs 2,831 crore against Rs 3,23 crore in the last quarter. Also, company saw an increase in recovery and upgrade to Rs 1,626 crore against Rs 683 crore in Q3.
In the futures market, Nifty 11,100 Call saw an addition of 3 lakh shares in the open interest with premium slipping 48 percent. Nifty 11,000 Put shed 8 lakh shares in the open interest with premium slipping 30 percent. Nifty July Futures closed with a discount of 3 points against a premium of 8 points on Tuesday.
Asian markets closed mixed, with benchmarks in Japan and Hong Kong tracking higher after Wall Street mostly advanced on the back of strong corporate results overnight.
The Nikkei 225 closed higher by 104 points at 22,614, with steelmakers and other metal stocks among the best-performing sectors: JFE Holdings rose 3 percent and Nisshin Steel rallied 2.2 percent.
Despite broader gains, Mitsubishi Motors dropped 2.9 percent as investors took profit after the automaker reported expectation-topping earnings in the previous session. Mainland China stocks finished the session near breakeven, with the Shanghai Composite closing flat at 2,904, snapping a recent winning streak which saw three consecutive sessions of gains.
The smaller Shenzhen Composite inched lower by 0.1 percent to 1,624.72. In Hong Kong, the Hang Seng Index climbed 1 percent , with the index's overall gains led by the advance in services and energy. In Seoul, the Kospi slipped 0.3 percent to 2,273 after reversing a rise seen earlier as major technology stocks turned lower. Elsewhere, the S&P/ASX 200 shed 0.3 percent to finish at 6,248 as declines in health care and consumer staples led the move lower.
First Published: IST