scorecardresearch
Follow Us:
Friday, September 24, 2021

Sensex and Nifty end flat in choppy trade; Tata Steel rallies 4%

Snapping its two-session rising streak, the 30-share BSE Sensex ended 28.73 points or 0.05 per cent lower at 54,525.93. The broader NSE Nifty inched up 2.15 points or 0.01 per cent to 16,282.25.

By: PTI | Mumbai |
Updated: August 11, 2021 6:43:42 pm
bse, bse sensexBSE (Express Photo by Amit Chakravarty)

Equity benchmarks recouped intra-day losses to end on a flat note on Wednesday as profit booking in banking and finance counters offset robust demand for metal and energy stocks.

Midcap and smallcap stocks saw heavy selling following BSE’s new surveillance measure for the segment. However, the counters stabilised after the exchange clarified the additional price limits would be applicable only to certain stocks having market capitalisation of less than Rs 1,000 crore.

Snapping its two-session rising streak, the 30-share BSE Sensex ended 28.73 points or 0.05 per cent lower at 54,525.93. The broader NSE Nifty inched up 2.15 points or 0.01 per cent to 16,282.25.

Tata Steel was the top gainer in the Sensex pack, jumping 3.86 per cent, followed by NTPC, PowerGrid, Reliance Industries, Bajaj Finserv and IndusInd Bank.

On the other hand, Bajaj Auto, Sun Pharma, Kotak Bank, ICICI Bank, M&M, Nestle India and HDFC Bank were among the laggards, shedding up to 1.84 per cent.

“Following continued selling in broader markets and weak Asian and US peers, Indian indices shed its early gains. However, late recovery helped the market to close the day on a flat note,” said Vinod Nair, Head of Research at Geojit Financial Services.

Measures taken by BSE to curb excessive price movement in smaller stocks triggered selling pressure in small and mid-cap counters, while clarity from BSE on limiting its restrictions to penny stocks gave some relief, he noted.

“Mainstream sectors succumbed to profit-booking while metal, energy and infra sectors traded against the trend,” Nair added.

Binod Modi, Head – Strategy at Reliance Securities, said, “Metal stocks were in focus today as passage of USD 1 trillion infrastructure bill by Senate in the USA lifted sentiment about global demand. Notably, pharma followed by financials, auto and consumers witnessed heavy selling pressure, while volatility index soared by 1 per cent.”

Sectorally, BSE metal, power, energy, oil and gas, basic materials and utilities indices rose as much as 3.15 per cent, while healthcare, bankex, auto and telecom closed lower.

Broader BSE midcap and smallcap indices lost up to 0.83 per cent.

Global equities were mixed as optimism over the passage of the USD 1 trillion infrastructure bill in the US was tempered by rising Delta variant cases in multiple countries.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo ended with gains, while Seoul was in the red.

Equities in Europe were in the green in afternoon trade.

Meanwhile, international oil benchmark Brent crude rose 0.16 per cent to USD 70.74 per barrel.

The Indian rupee settled just 1 paisa lower at 74.44 against the US dollar on Wednesday amid a strong greenback overseas.

Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 178.51 crore, as per exchange data.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
Advertisement
Advertisement
Advertisement
Advertisement
X