Sensex, Nifty end flat amid volatility; smallcaps drag

The market failed to hold early gains and ended flat in a volatile session on June 1. At close, Sensex was down 2.56 points to close at 51,934.88, and the Nifty was down 7.90 points or 0.05% to end at 15,574.90.

“Indices traded in a range and closed flat even as Corporate India has been announcing capital expenditure plans since the start of the fiscal,” said S Ranganathan, Head of Research at LKP securities.

“Weak PMI data released today did not help sentiments as we saw profit-taking across the metal space. In the broader market, we saw keen interest in select pockets of textiles & pharma names,” Ranganathan added.

Among sectors, buying saw in the infra, IT and energy sectors, while bank, auto and metal sectors ended in the red. BSE Smallcap index shed 0.3 percent, while Midcap index ended flat.

Adani Ports, ONGC, Bajaj Finance, SBI and Bajaj Auto were among major gainers on the Nifty, while losers included JSW Steel, Tata Steel, UltraTech Cement, ICICI Bank and Grasim Industries.

Stocks & sectors

On BSE, the metal index shed nearly 2 percent and realty, bank indices fell 0.5 percent each.

Among individual stocks, a volume spike of more than 100 percent was seen in Aarti Industries, Adani Enterprises and Bajaj Auto.

Long buildup was seen in Alkem Laboratories, ONGC and Aarti Industries, while short buildup was seen in Ashok Leyland, City Union Bank and SAIL.

More than 250 stocks, including SBI, Mindtree and Adani Enterprises, hit a fresh 52-week high on the BSE.

Technical View

Nifty formed a bearish candle on the daily scale as it closed lower than its opening levels, but continued its formation of higher highs of the last eight sessions.

“Nifty has to hold above 15,500 zones to witness an up move towards fresh lifetime high of 15,750 zones, while on the downside support exists at 15,431 and 15,300 zones,” said Chandan Taparia of Motilal Oswal Financial Services.