Narrow Range Trading Continues Amid Global Cautiousness and Profit-Taking

13 Sep 2023 , 01:12 PM

The market traded within a narrow range during the September 13 session, influenced by muted signals from global markets. Large-cap stocks saw minimal activity as investors largely chose to stay on the sidelines. Profit-taking in the broader market continued, and investors awaited the release of the US retail inflation data for August later in the day.

US benchmarks closed lower overnight, and Asian markets remained mostly weak throughout the day. The recent strong performance of domestic equities led investors to take a breather and book partial profits.

As of 1:10 PM, the Sensex was up 259.43 points or 0.39% at 67,480.56, while the Nifty gained 77.10 points or 0.39% at 20,070.30. Among the sectors, metal and oil & gas advanced by 1% each, while capital goods declined by 1%. Active shares on the NSE included HDFC Bank, Rail Vikas Nigam, IRFC, ICICI Bank, and Reliance Industries.

Frontline IT stocks faced losses due to weak cues from US counterparts, with the Nifty IT index falling by 0.4%, making it the worst-performing sector. Profit-taking was also prevalent in the auto and auto ancillary space, leading to declines in stocks like Maruti Suzuki, Mahindra & Mahindra, Samvardhana Motherson, and Hero MotoCorp.