FINAL TRADE: Sensex ends 107 pts lower, Nifty settles at 19,571 after trading in narrow range; metals crack

Stock market today: The domestic equity market traded in a narrow range on Tuesday throughout the session before settling with minor cuts. At close, the S&P BSE Sensex ended at 65,846.50, down 107 points, or 0.16 per cent while the NSE's Nifty ended at 19,570.85, down 26 points, or 0.13 per cent. 

The stocks had been quite lacklustre since the beginning of the trade amid subdued global cues. China's exports fell 14.5 per cent in July year-on-year, while imports contracted 12.4 per cent, customs data showed on Tuesday, in the worst showing for outbound shipments from the world's second-largest economy since February 2020. Besides, Moody's downgraded the credit ratings of several small to mid-sized US banks and said it may downgrade some of the nation's biggest lenders, warning that the sector's credit strength will likely be tested by funding risks and weaker profitability.

These aside, Italy has approved a one-off 40 per cent tax on profits banks reap from higher interest rates, and it plans to use the proceeds to help mortgage holders, in a move that sent banking shares plunging.

TECHNICAL VIEW

Technically, there has been no significant change in the technical structure of the benchmark index as it keeps hovering near the 20-SMA from the past couple of trading sessions with no assertive moves. The broader markets kept the trader’s fraternity busy while the indices remained tentative, said Osho Krishan, Sr. Analyst, Technical & Derivative Research, Angel One. 

"On the technical front, the resistance of the bullish gap withholds the sturdy hurdle, and till we do not surpass it in a decisive manner, we are likely to experience some selling pressure at higher levels. On the downside, 19,500, 19,440, and 19,380 are to be treated as immediate supports," the analyst added.

Going forward, "we would suggest traders stay fussy with stock selection and keep a close tab on the mentioned levels. Also, global and domestic data are in the pipeline for the week, and one needs to stay abreast of the developments, which are most likely to dictate the near-term trend in the market," Krishan said further.

SENSEX STOCKS

Of 30 scrips on the index, 20 closed in the red and the rest 10 in the green. Tech Mahindra (up nearly 2 per cent) was the biggest gainer on the index while PowerGrid (down 2.62 per cent) was the top loser. 

BUZZING STOCKS

Gland Pharma shares jumped 20 per cent after the company posted impressive June quarter numbers. OnMobile Global, too, ended 20 per cent higher after robust Q1 numbers.

Shares of Genus Power jumped 20 per cent to hit a record high of Rs 168.90 apiece on the BSE after the company announced that Singapore's sovereign wealth fund GIC will acquire a 74 per cent stake in Genus Power & Infrastructure's new smart metering solutions venture for $2 billion (over Rs 16,000 crore).

RailTel Corporation Ltd shares registered a new 52-week high of Rs 182.65 apiece on BSE on Tuesday after the company bagged a new order worth Rs 700 crore from Pimpri Chinchwad Smart City Ltd (PCSCL). The Indian Railways public sector undertaking (PSU) has received a deal for a long-term period of 10 years from PCSCL in Pune, Maharashtra.

SECTOR WATCH

Metal stocks cracked the most, while consumer durable stocks were the biggest gainers. The S&P BSE METAL index slipped 0.94 per cent to 21,426.25 levels while the S&P BSE CONSUMER DURABLES index was up 0.71 per cent at 42,607.27 points.

BROADER MARKET

The S&P BSE MidCap index gained 0.15 per cent to 30,377.50 levels, while the S&P BSE SmallCap index was up 0.25 per cent to 35,248.97 points.