Stock Market Today: Market ends flat as banking shares drag, IT and metals shine

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Markets closed nearly flat on Monday, with the BSE Sensex ending at 80,424.68, down 12.16 points or 0.02 per cent, while the Nifty 50 finished at 24,572.65, up 31.50 points or 0.13 per cent. The day began on a positive note, with the Sensex opening at 80,680.25 and Nifty at 24,636.35, but trading remained range-bound throughout the session.

Market breadth was positive, with 2,708 stocks advancing and 1,321 declining on the BSE. The exchange saw 288 stocks hitting 52-week highs and 34 touching 52-week lows. Upper and lower circuit limits were reached by 475 and 256 stocks, respectively.

Sectoral performance was mixed, with metals, energy, and IT showing gains, while auto and banking sectors lagged. The broader market outperformed, with the small-cap index gaining over 1.5 per cent.

Among Nifty stocks, top gainers included Hindalco (4%), Shriram Finance (3.47%), BPCL (3.32%), Tata Steel (3.06%), and LTIMindtree (2%). The major losers were M&M (-2.59%), Bajaj Auto (-1.17%), IndusInd Bank (-1.07%), Axis Bank (-1.02%), and SBI Life (-0.96%).

In the Sensex pack, Tata Steel led the gains at 3.04%, followed by TCS (1.62%), NTPC (1.46%), JSW Steel (1.16%), and Asian Paints (0.89%). On the flip side, M&M was the top loser, declining 2.55%, followed by IndusInd Bank (-1.13%) and Bharti Airtel (-1.02%).

Ajit Mishra, SVP of Research at Religare Broking Ltd, commented, “Markets began the week on a muted note and ended nearly flat, taking a breather after Friday’s surge. The recovery in global markets is supporting the index’s positive tone, but the underperformance of banking majors is limiting momentum.” 

Aditya Gaggar, Director of Progressive Shares, noted, “On the daily chart, the Index has made a small red candle but the overall uptrend is intact and as per the range breakout, the approximate target comes to 24,870 with the downside being protected at 24,420.”

Analysts recommend maintaining a “buy on dips” strategy, with a focus on stock selection, particularly in the IT and FMCG sectors.