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Market wrap: Sensex, Nifty close flat, financials underperform; OMCs surge

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The benchmark 30-share S&P BSE Sensex slipped by 27 points to end at 35,871, while the broader 50-share NSE Nifty settled just one point up at 10,792.

Market wrap: Sensex, Nifty close flat, financials underperform; OMCs surge
Indian shares ended lower on Friday, failing to sustain the uptrend seen in the past two days, dragged by financials and index heavyweight Reliance Industries. The benchmark 30-share S&P BSE Sensex slipped by 27 points to end at 35,871, while the broader 50-share NSE Nifty settled just one point up at 10,792. For the week, the Sensex gained 0.2 percent and the Nifty 0.6 percent. The Nifty Midcap surged 2 percent this week and Nifty Bank 0.3 percent.
Broader markets outperformed with the Nifty Midcap index edging 67 points up to 16,543, keeping market breadth in favour of advances. The NSE Advance-Decline ratio was at 2:1 at close. The Nifty Bank Index fell 185 points to 26,868 with HDFC Bank and Kotak Mahindra Bank contributing a major chunk to the downside.
The highest weightage financial stock, HDFC Bank dragged Nifty by 13 points and Nifty Bank by nearly 150 points. On the sectoral front, autos and IT advanced while Financials, Oil & Gas, Capital Goods slipped.
Oil marketing companies have had a healthy trade through the week with crude oil prices seeing a trade in narrow range. Indian Oil Corp, HPCL and BPCL advanced 5-10 percent this week.
Vedanta and ONGC too saw a gain of over 10 percent in the week. From large caps, Kotak Mahindra Bank was focus in today’s trade as ING sold its entire 3 percent stake in the company via block deal. Analysts believe supply hangover is gone after the ING’s stake sale.
In the derivatives space, Nifty 10,800 call option added 2.6 lakhs shares and 10,900 nearly 1 lakh shares in the open interest with premium slipping 18 percent and 17 percent, respectively.
Amongst Put options, Nifty 10,700 added 4 lakh shares in the open interest with premium slipping 25 percent. The Nifty February Futures closed with a premium of 17 points against a premium of 14 points on Thursday.
Mainland Chinese markets gained the most on the final day of the trading week, among major Asian stock markets. The Shanghai composite rose 1.91 percent, while the Shenzhen component gained 2.36 percent.
The Shenzhen composite advanced 2.27 percent to close at 1,477.25. The Hang Seng index in Hong Kong advanced more than 0.3 percent. South Korea's Kospi closed fractionally higher at 2,230.50, as heavyweight Samsung Electronics saw its stock advance 0.43 percent.
In Australia, the ASX 200 gained 0.46 percent to close at 6,167.30, with most sectors rising.
Over in Japan, however, the Nikkei 225 declined 0.18 percent to finish at 21,425.51, while the Topix fell 0.25 percent to close at 1,609.52 as shares of convenience store operator FamilyMart Uny fell 0.95 percent.
Also, catch all the highlights and action in our Market blog
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