Sensex, Nifty End Flat; Energy Stocks Outperform
The domestic equity markets cleared all its early gains mainly due to profit booking in heavyweight financial stocks in the afternoon trade on Wednesday, August 25. However, the BSE Sensex made a lifetime high of 56,198 and Nifty made a new high of 16,712 in the morning deals.
At close, the Sensex was down 14.77 points at 55,944.21, and the Nifty-50 was closed with a gain of just 10.05 points at 16,634.65. Shares of Bajaj Finserv dragged the Sensex the most as investors booked profits and pulled the stock down by nearly four per cent. On the flipside, TCS, Reliance Industries, and Infosys gained over a per cent each
On the sectoral front, the Energy sector outperformed among all other sectors as the Nifty energy index gained over a per cent led by advances in Adani Transmission (+5.00 per cent), HPCL(+3.24 per cent), and RIL(+0.87 per cent). FMCG, IT and Metal were other top gainers, while Banks, Pharma and Auto sectors saw selling pressure in the intraday session.
The BSE Midcaps and Smallcaps continued to trade green throughout the day and ended 0.58 and 0.68 per cent higher, respectively. Shares of Adani Group were the top newsmaker in the Midcap space. Adani Green, Adani Transmission, and Adani Power gained as much as five per cent in the day's trade on Wednesday.
However, amid the indices scaling fresh record highs, experts have suggested that some volatility can be seen in the upcoming session as the markets were unable to hold at higher levels. Moving ahead, if the market is unable to sustain the level of 16500 (Nifty), it can witness lower levels of 16350.
The overall market performance mainly remained in the favour of bulls as nearly 1941 shares advanced, 1180 shares declined, and 107 shares were unchanged.
In another development on Wednesday, reports quoting officials in the central finance ministry said that announcements pertaining to overseas listing rules may be included in the next year's general budget. If this happens, it may allow Indian companies to get listed on foreign bourses.
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