Sensex, Nifty trade flat; pharma, FMCG stocks dip, metals surge

Markets trade flat: The stock market remained flat around midday on September 13, with the Sensex down by 30 points at 82,932.06 and the Nifty slipping by 19.90 points to 25,369. 

While pharma and FMCG stocks retreated after recent gains, metal stocks led the charge as investor sentiment turned positive on expectations of a rate cut in China to stimulate domestic demand. 

The government's extension of anti-dumping duties on steel imports from China and Vietnam further bolstered the sector.

In the broader market, the BSE Midcap climbed 0.5  per cent, while the BSE Smallcap saw a stronger uptick of 1  per cent. Among individual stocks, Wipro led the Nifty 50, surging 3.5  per cent on high trading volumes, with over 1 crore shares exchanging hands well above the monthly average of 80 lakh.

Sectoral performance

Out of the 13 major sectoral indices, 10 remained in the green. Nifty Healthcare, Pharma, and FMCG were down by 0.5  per cent, ending their winning streak. 

FMCG was particularly hit by losses in ITC, HUL, and Godrej Consumer Products.

On the other hand, Nifty Metal, Media, and Realty indices rose 1-2  per cent, driven by strong buying in these sectors.

Amongst the key gainers on the Nifty 50 were Wipro , Bajaj Finserv, Bajaj Finance, Tata Steel, and IndusInd Bank. On the losing side, HDFC Life, SBI Life, Adani Ports, Asian Paints , and ITC saw declines. 

For the Sensex, top performers included Wipro , Bajaj Finserv, Bajaj Finance, Tata Steel, and Tata Motors. Meanwhile, the major laggards were Asian Paints , ITC, M&M, Bharti Airtel, and NTPC.

Stock movements

Bharti Hexacom surged over 7  per cent after Jefferies upgraded the stock to 'buy' with a target price of Rs 1,600. 

Meanwhile, Samvardhana Motherson International (SAMIL) fell 4  per cent following a bearish recommendation from Citi, which set a price target of Rs 105, indicating a potential 44.4  per cent downside from its previous close of Rs 189.