Sensex, Nifty end flat with negative bias; PSBs, IT slip

Sensex, Nifty end flat with negative bias; PSBs, IT slip

Mumbai, Jun 13: Markets ended flat on Thursday with gains being capped by banking and auto stocks. Weak global cues and rising retail inflation, too, contributed to a lackluster trade.
The S&P BSE Sensex ended 15 points, or 0.04 per cent, lower at 39,741 levels dragged by select blue-chip counters like IndusInd Bank, Reliance Industries, YES Bank and Infosys. While PowerGrid and M&M were the top gainers, YES Bank and IndusInd slipped the most.
The broader Nifty50 settled just above the psychological level of 11,900 at 11,914 mark, up a modest 8 points, or 0.07 per cent. Among sectoral indices, public sector banks, metals and IT stocks lost ground.
The S&P BSE Sensex touched an intra-day low of 39,461 levels while the Nifty50 drifted to 11,817 levels during the day before staging a limited recovery. The broader market, S&P BSE Mid-Cap index settled 49 points lower at 14,873 levels, while the S&P BSE Small-Cap index lost 72 points to close at 14,476 levels, taking deeper cuts than benchmark indices.
Meanwhile, a recent report by global research and brokerage house, UBS, suggests that the next level of risk could appear from leveraged corporates’ inter-related companies (their network).
“We believe the market is not pricing in the structural opportunity available to ICICI Bank, Axis Bank and SBI due to near-term issues. NPL risk for YES Bank and IndusInd does not seem to be fully priced in,” the report said. YES Bank and IndusInd Bank were among the top losers in the Nifty Bank index on Thursday, slipping nearly 13.5 per cent and 5 per cent, respectively by close.