Nifty, Sensex End Flat; IT Leads Gains

The Indian stock market displayed a mixed trade in the Wednesday trading session. Benchmark indices snapped two-days losing streak and managed to close at almost the same level.

The National Stock Exchange (NSE) Nifty 50 index ended almost flat at 24,143 whereas the S&P Bombay Stock Exchange (BSE) Sensex settled with 150 points gain at 79,105 levels on the closing bell. 

Nifty Moves

In the Nifty 50 index, 23 stocks advanced in the positive territory, while 27 stocks ended in the red territory. 

Among the winners IT stocks, TCS and HCL Technologies topped the index with more than 2 per cent gain. Infosys and Tech Mahindra more than 1 per cent.

Among the losers, Divis Labs lost more than 4 per cent, while Hero Motocorp and Coal India lost more than 3 per cent. Ultratech Cement, ONGC and Dr Reddy's lost more than 2 per cent in the session. 

Analyst Note  

“Markets snapped two session falls aided by positive cues from global markets. Although broader markets were subdued to weak, strong gains in IT and select auto stocks helped benchmark indices rebound. Investors maintained a cautious approach ahead of the US CPI data to be released later and refrained from taking bullish bets to avoid any toward risk emanating from global markets,” said Prashanth Tapse, Senior VP (Research), Mehta Equities. 

Sectoral Movement

In terms of sectoral performance, Nifty Bank ended 0.21 per cent lower and  Financial Services ended flat, while PSU Banks ended 0.39 per cent lower. 

Metal continued to shred and ended 1.26 per cent lower, while Pharma lost 0.8 per cent. Nifty Realty lost almost half a per cent, whereas FMCG ended 0.3 per cent lower. Hower IT closed with more than 1 per cent gain.

The more domestically focussed indices, Mid-cap dipped 0.64 per cent, whereas Small-cap dipped 0.59 per cent.