Stock Market: Bulls & bears play tug of war on flat day

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By S Jha

New Delhi, February 21: On a flat global equity markets on Tuesday, bulls and bears ended the day on an even note. While the indices showed that the equity markets in India closed flat to negative, strong actions were seen in the individual stocks.

Sensex and Nifty closed the day with minor cuts. The bourses sold the rally and bought the dip. Bank Nifty, which is seen to be showing signs of being oversold, sought to stage a smart rally, but was quickly sold. Similar actions were seen on Nifty, which gained in the first half of the session, only to lose the steam afterwards.

Bulls may have lost the day badly if the index heavyweights did not save them from the bear attack. Reliance Industries, which had been strong ever since unveiling the prototype of a hydrogen truck, was strong during the day to lift Sensex and Nifty upwards. The indices were helped with positive actions in the metal space. But the profit booking in the IT pack dragged the indices lower.

The Bank Nifty was caught in wild swings with bulls and bears swinging the index both ways. Bank Nifty was given a strong start by the HDFC Bank which moved in tandem with HDFC. But the steam was soon lost, as Bank Nifty sharply dived.

However, actions seem to be taking place in the IT small and midcaps. The likes of Zensar, Soft-tech, Nucleus Software, Trigyn Technology and others gained smartly on the bourses.

Dani stocks remained under stress barring Adani Power and Adani Port and SEZ. Adani Green and Adani Gas have heavily lost, losing almost 70 per cent from the respective peaks.

The revival of the rate hike fear is hammering the realty stock, as the realty index has emerged as the worst performer along with the financials. Prestige Estate was hammered more than five per cent, while the industry leader DLF was also down by two per cent.

The foreign institutional investors resumed their buying into the cash market after two days of gap. The FIIs have pumped in over $1 billion in the Indian equities, taking advantage of the perceived oversold positions. The FIIs bought a net of Rs 526 crores in the cash market on Tuesday. The global equity market is also keeping a watch on the developments on the Russia-Ukraine War front, as the anniversary is approaching on February 24.