The equity benchmark indices BSE Sensex and NSE Nifty ended near flat on Thursday as gains in Tata Group stocks and select midcaps offset losses in Hindalco Industries, UltraTech Cement, Grasim Industries and NALCO. The Nifty failed to hold the 24,400 mark, while the midcap index outperformed the benchmarks after cash adjustment system adjustments.
The BSE Sensex closed at 78,080, up 114 points, while the Nifty50 ended at 24,396, down 40 points. The Nifty Bank fell 251 points to 57,635, while the midcap index gained 97 points to 64,122. Hindalco Industries was the top Nifty loser as royalty payment for an Aditya Birla Group brand weighed on the stock.
UltraTech Cement and Grasim Industries also ended nearly 2% lower. NALCO slipped nearly 5% as aluminium prices fell overnight, while Page Industries declined nearly 5% after its earnings missed expectations. Force Motors fell 4% amid profit booking, while Tube Investments declined nearly 3% ahead of its results tomorrow.
Which stocks supported the Sensex? On the other side, Tata Group stocks recovered, with Tata Consumer Products and Tata Motors Passenger Vehicles among the top Nifty gainers. Astral and Sona BLW Precision Forgings gained 8% each after reporting better-than-expected first-quarter results.
Among midcaps, Bharat Dynamics, Amber Enterprises, Oberoi Realty and Paytm were among the top gainers. Sansera Engineering ended lower but recovered sharply from the lows following a positive outlook, while TVS Srichakra gained 3% after reporting a healthy set of first-quarter results.
Market breadth remained neutral, with the advance-decline ratio at 1:1. From the Sensex basket, Tata Consumer Products Ltd, Tata Motors Passenger Vehicles Ltd, InterGlobe Aviation Ltd, Eternal Ltd, Bajaj Finserv Ltd and Tech Mahindra Ltd were the major gainers.
Deven Choksey, MD, DRChoksey Finserv Private Ltd, on Max Healthcare, said, "I think Max Healthcare’s per-bed realisation remains among the highest in the industry, as I see it. Capacity expansion also in the north and eastern markets continues, with new beds being added in new hospitals, including those which they've taken under management contracts.
So, frankly, I think the visibility as far as growth is concerned is definitely there. Of course, I think the market mood is slightly more cautious at this point in time because of the valuation, in general, for most of the hospital stocks, and especially when, I think, you get the draft report which you mentioned a while back, which came up from the government in the Rajya Sabha.
I think those kinds of reports, which mention that the pricing regime will have to be controlled by the government, could mean that some of the hospital stocks might see some headwinds, at least if that is implemented. We don't think that it should get implemented.
But the fact remains that this has been tabled in the Rajya Sabha. So, let's wait and see. Valuation is right now reflecting the true price, as in my viewpoint, so I would not be venturing a fresh buy in this, at least at this point in time."