Sensex trades flat while FMCG stocks see gains
Indian equity indices remained largely unchanged on Tuesday amid mixed market sentiments.
As of 9:51 a.m., the Sensex was down 76 points, or 0.09%, at 82,483, while the Nifty fell 17 points, or 0.07%, to 25,261.
The broader market exhibited a positive trend. On the Bombay Stock Exchange (BSE), 2,039 shares were gaining, 829 shares were losing, and 128 shares remained unchanged.
Midcap and smallcap stocks outperformed largecaps, with the Nifty Midcap 100 index rising 229 points, or 0.39%, to 59,382, and the Nifty Smallcap 100 index increasing 116 points, or 0.60%, to 19,359.
Sectoral indices showed gains in Realty, FMCG, metal, PSU banks, media, energy, and auto, while the Fin Service, IT, and Service sectors lagged behind.
Among the Sensex constituents, Sun Pharma, ITC, M&M, Power Grid, HDFC Bank, Tata Steel, Nestle, Wipro, NTPC, Axis Bank, and Tata Motors were leading the gainers. Conversely, Bajaj Finance, Bajaj Finserv, Infosys, Maruti Suzuki, ICICI Bank, Tech Mahindra, Titan, and TCS were among the top losers.
Market analysts noted two distinct trends: a positive movement in high-quality stocks such as Bajaj Finance, ITC, Bajaj Auto, and Maruti, and a concerning overvaluation in certain mid and small-cap segments. Additionally, they highlighted irrational activity in the SME IPO market, with many stocks experiencing speculative trading and manipulation.
Most Asian markets were in the red, with Tokyo, Shanghai, Hong Kong, Seoul, and Jakarta seeing declines, while Bangkok remained positive. US markets were closed on Monday for Labor Day.
Foreign institutional investors (FIIs) continued their buying spree, purchasing equities worth Rs 1,735.46 crore on Monday, while domestic institutional investors bought equities worth Rs 356 crore on the same day.
