Nifty, Sensex End Flat Amid Absence Of Fresh Cues
In the Nifty50 index, 26 stocks ends in the green territory, while 24 stocks advance
The Indian stock Market witnessed a tug of war in the Wednesday trading session as the benchmark indices Nifty and Sensex swung towards red and green. Amid absence of fresh triggers and uncertainty about election results, investors followed the profit-booking.
The National Stock Exchange (NSE) Nifty 50 index concluded flat at 22,302 with no change, whereas the S&P Bombay Stock Exchange (BSE) Sensex settled with no change at 73,466 on the closing bell.
In the Nifty50 index, 26 stocks ended up in the green territory. Hero Motocorp topped the index with highest gains of 3 per cent as the auto-maker beat the profit estimates in its Q4 earnings. BPCL, Tata Motors, Power Grid and Hindalco trade more than 2 per cent higher.
Conversely, in the laggard segment, 24 stocks declined into the red territory. Dr Reddy dipped 3.22 per cent on its Q4 earnings as analysts flagged its core business missing the expectations. Asian Paints lost more than 2 per cent, while Grasim Industries, Ultratech and Hindustan Unilever slipper more than 1.5 per cent.
Analyst Note
“Investors traded with caution due to lack of fresh positive triggers and ended on a flat note with a slightly negative bias amid selective profit taking in banking and IT stocks. Firm European market cues also failed to fuel optimism, as no stoppage in foreign fund outflows and no major surprises in the ongoing earnings season prompted investors to stay guarded. Also, with election season on, no one wants to place longish bets,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Sectoral Movement
In terms of sectoral performance, despite flat closing of Nifty and Sensex, Auto and Metal closed with robust gains of more than 1.5 per cent gains. However, Banks, Finance and IT dropped in the session with the weakness in Pharma. FMCG gained nearly half a per cent followed by strength in PSU Banks after bloodbath in the last session.
The more domestically focussed indices, mid-cap and small-call gained 0.73 per cent and 0.57 per cent respectively.
Stocks Specific
Voltas slipped 5 per cent lower to Rs 1318 after the firm’s profit dipped to 19 per cent in the fourth quarter to at Rs 116 crore against the analysts’ expectation of Rs 213 crore.
Indraprastha Gas gained more than 3 per cent after its profit increased 16 per cent to Rs 382.80 crore from Rs 329.75 crore in Q3 FY-24.
Pidilite Industries also slumped 4.58 per cent to Rs 2815 despite the decent earnings in fourth quarter of FY24.
