After opening flat and hovering near yesterday’s high, the indices erased all the gains and turned negative led by metals, FMCG and IT stocks. At 3.30 pm, Nifty closed at 18027.30, and sensex closed at 60621.77. The indices were dragged primarily by metal and FMCG stocks.
Among the biggest losers were Hindustan Unilevel Limited (HUL), Asian Paints, Bajaj Finance, HDFC Life and Nestle India. Coal India, HDFC Bank, Power Grid Corporation, HDFC and ITC were the biggest gainers on january 20. While Nifty metal was down 0.90 per cent, Nifty FMCG was down 0.96 per cent at 43899.60. Nifty bank closed in green 177 points or 42 per cent up at 42,506.80.
BSE midcap and smallcap indices traded flat in a volatile session which kickstarted the expiry week for January series of options and futures.
Asian markets rise despite recession woes in the US
The dismal performance of the Indian market comes on the backdrop of positive Asia markets. Hing Kong, Tokyo, Shanghai, Seoul ended sessions in green despite fears over the economic depression in the US that sent Wall street tumbling in the previous session. Dow and S&P futures were trading in the negative territory when the Indian markets closed.
“Given the sizeable upside for regional trade supporting local economies… stocks in Asia are nudging up despite weakness in the US market as East versus West divergence continues… After all, mainland China is the largest export market for most regional economies, so the China reopening bounce is particularly pronounced locally,” said SPI Asset Management’s Stephen Innes, AFP quoted.
