IT and realty stocks were among the biggest drags. Respective Nifty indices fell 2-3 per cent. On the other hand, PSU bank, power, oil & gas and metal indices ended in the green.
“Markets are likely to consolidate at higher levels given the sharp run-up in the past few weeks. Markets are increasingly witnessing rotation from outperforming sectors to under-valued stocks,” said Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services.
Here are the key gainers and losers of the day:
NTPC: The thermal power giant continued to gain for another day, rising 4 per cent. The company has recently bagged 1.9 GW solar projects from the government, improving the outlook on the stock.
Oil India, HPCL: Both energy companies were darlings of the investors as they see it as a beneficiary of rising crude oil prices that topped $80 level. They climbed 6 per cent and 5 per cent, respectively.
Inox Leisure: The theatre stock extended the gains, rising another 2 per cent. The outlook for PVR and INox Leisure has improved after the Maharashtra government said it will lift the an on theatres from October 22.
EIH: The Oberoi group stock, which saw a lot of buying the previous session, saw massive profit booking. The counter tanked nearly 10 per cent. However, the outlook for the hotel industry remains positive.
Zee Entertainment: Shares of the media company slumped over 4 per cent amid uncertainty over its CEO’s future. The largest shareholder of the company, Invesco is still keen on his removal despite a merger announcement with Sony.
Oberoi Realty, Prestige Estate Projects: After five days of non-stop rally, real estate stocks were under pressure. The counters fell 7 and 5 per cent, respectively.