Midcap and Smallcap outshine benchmark indices ahead of GDP data

 

Market updates ahead GDP data today: Indian stock markets opened positive today as indicated by the SGX Nifty in the morning. The markets traded volatile at a tight range during the day. The volatility was there as traders were cautious ahead of second-quarter GDP data which is expected after the market today.

Investors’ sentiments remained dented with SBI’s latest research reports that stated that India’s GDP data likely contracted 10.7% in the second quarter, with a further recovery likely in the third quarter as economic indicators show some improvement in October and November. 

However, market losses remained capped as some support came with Niti Aayog CEO Amitabh Kant’s statement that digital infrastructure has become indispensable to the functioning of society and India can create $1 trillion of economic value using digital technology by 2025. He has also stated that the coronavirus disease pandemic has provided an impetus to the ever-expanding digital infrastructure.

On the global front, almost all Asian market indices closed on a flat note in the absence of fresh cues from Wall Street, which was closed overnight for a holiday. Investors were concerns about the surge in coronavirus cases in Japan. The European markets are trading mixed whereas US future Nasdaq and Dow Futures are trading marginally higher at this moment.

 

Market updates ahead of GDP data 

 

At the close, the Nifty50 index declined 18.05 points or 0.13% and at 12968.95 levels while Sensex fell 110.02 points or 0.24% and at 44149.72 levels. The Bank Nifty on the spot levels gained 59.30 points or 0.21% and ended at 29609.05 levels. 

The Nifty midcap and smallcap outperformed the benchmark indices today. The midcap index gained 518.65 points or 2.70% and at 19715 levels. The Nifty smallcap index jumped 3.07% or 195.90 points and closed at 6573.30 levels.

The top five gainers in the Nifty50 index for the day were Tata Motors, Hero Motocorp, Asian Paints, Titan Company, and Britannia. The top five losers in the Nifty50 index were Power Grid Corp, JSW Steel, HCL Tech ONGC, and HDFC Life.

On sectoral fronts, Automobiles, Consumer Durables, Electricals, Healthcare, and Metals were top gainers. On the losing side, Oil & Gas, IT & Software, Insurance, Aviation, and Telecom sectors closed in the red.

 

Derivative market ahead of GDP data today

 

The  Nifty 50 futures price today opened at 13043 and it made a positive opening of 20.45 points today. It has touched an intraday high at 13094 and a day’s low at 12966

The Nifty 50 futures price has given a movement of 128 points today. In the end, it declined by 25.55 points or 0.20% and closed at 12997 levels.

The Bank Nifty today in futures opened at 29649.45 It made a gap up opening of 60.4 points. It has touched an intraday high at 29780 and a day’s low at 29381.85

The Bank Nifty futures today has given a movement of 398.15 points. In the end, it gained 41.7 points or 0.14% and closed at 29631.25 levels.

Conclusions

Indian stock market indices closed marginally lower today ahead of the second-quarter GDP data. The midcap and smallcap indices outshine the benchmark today. The Bank Nifty index closed higher in the end.

Traders can read our “weekly market updates” tomorrow and “key factors to impact the market next on Sunday”

 

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Happy Weekend!!

Editor’s Desk