Stock Markets Close Unchanged On Monthly Expiry Day; UltraTech Shares Tank Nearly 5%

The 30-share BSE Sensex eked out gains of 10.31 points or 0.01 per cent to settle at 74,612.43.

Mumbai:Benchmark stock indices Sensex and Nifty closed almost unchanged on Thursday in a volatile trade amid unabated foreign fund outflows and monthly derivatives expiry. The 30-share BSE Sensex eked out gains of 10.31 points or 0.01 per cent to settle at 74,612.43. During the day, it hit a high of 74,834.09 and a low of 74,520.78, gyrating 313.31 points.

The NSE Nifty slipped 2.50 points or 0.01 per cent to 22,545.05, registering its seventh day of decline. As many as 31 Nifty components declined while 19 closed higher. Gains from financials and metal shares were offset by losses in capital goods and auto shares. From the Sensex pack, Bajaj Finserv, Bajaj Finance, Sun Pharma, Zomato, Tata Steel and Nestle were the biggest gainers.

UltraTech Cement was the biggest loser, dropping by 4.99 per cent after it announced entry into cable and wires segment with an investment of Rs 1,800 crore in a plant in Gujarat. Tata Motors, Mahindra & Mahindra, Kotak Mahindra Bank, Tech Mahindra and State Bank of India were among the major laggards. The BSE smallcap gauge tumbled 2.09 per cent and midcap index declined 0.97 per cent.

"Markets ended flat with a mixed bias as traders preferred to exercise caution on the expiry day after witnessing sell-offs over the past few weeks.

"While India's expensive valuations have been driving foreign fund outflows over the past 3-5 months, the ongoing tariff-related concerns coupled with falling currency have made investors jittery," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

Markets traded dull on the monthly expiry day, closing nearly unchanged for the second straight session, Ajit Mishra - SVP, Research, Religare Broking Ltd, said." After an initial uptick, Nifty quickly flattened, trading within a narrow range before settling at 22,545.05. The past two sessions reflect indecision, likely due to oversold conditions," Mishra said.

Financial sector shares gained after the RBI’s decision to ease lending norms for microfinance institutions and NBFCs, according to Vinod Nair, Head of Research, Geojit Financial Services. "Global market swayed negatively, and domestic broader market sentiment remained weak due to fresh uncertainty surrounding US tariff policies," Nair added.

Among BSE sectoral indices, industrials tanked the most 2.47 per cent, followed by realty (2.06 per cent), power (1.80 per cent), capital goods (1.58 per cent), auto (1.57 per cent), consumer discretionary (1.34 per cent) and utilities (1.18 per cent). Financial Services, telecommunication and metal were the gainers.

Among Asian markets, Tokyo and Shanghai settled in the positive territory while Seoul and Hong Kong ended lower. European markets were trading mostly lower. US markets ended on a mixed note on Wednesday. Global oil benchmark Brent crude climbed 0.69 per cent to USD 73.03 a barrel.

Foreign institutional investors (FIIs) offloaded equities worth Rs 3,529.10 crore on Tuesday, according to exchange data. Stock markets were closed on Wednesday for 'Mahashivratri'.