Sensex, Nifty End Flat Amid Volatile Trade; Smallcap Stocks Outperform
The Indian stock market witnessed a volatile session on Wednesday, with benchmark indices closing flat despite significant fluctuations throughout the day.
Mumbai: The Indian stock market witnessed a volatile session on Wednesday, with benchmark indices closing flat despite significant fluctuations throughout the day.
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Sensex Closes at 75,939.18, Nifty Ends Almost Unchanged
The BSE Sensex finished the day at 75,939.18, down by 28.21 points or 0.04%. During the session, the index touched an intra-day high of 76,338.58 but also saw a low of 75,581 before settling.
Similarly, the Nifty index closed nearly unchanged at 22,932.90, slipping by 12.40 points or 0.05%. The broader index fluctuated between 23,049.95 and 22,814.85 during the day.
Sectoral Performance: Banking Stocks Lead Gains
Stock-wise, around half of the Nifty constituents closed in the negative. Major losers included Dr Reddy’s Laboratories, TCS, Infosys, and Hindustan Unilever, which saw losses up to 2.48%.
On the other hand, stocks such as Bharat Electronics, Hindalco, Eicher Motors, Larsen & Toubro, and Axis Bank registered gains of up to 3.54%.
Smallcap stocks stood out, with the Nifty Smallcap100 index rising by 2.36%, driven by strong performances from JBM Auto and Aegis Logistics. The Nifty Midcap100 index also posted a gain, ending 1.56% higher.
Among the sectoral indices, banking stocks performed well, with both the Nifty Private Bank and PSU Bank indices climbing over 1%. The Bank Nifty index ended the day with a gain of 0.94%. Other sectors such as consumer durables, financial services, metals, media, and realty also saw gains of up to 1.59%.
Technology and Healthcare Stocks Drag the Market
On the flip side, technology and healthcare stocks weighed on the market. The Nifty IT index was the worst performer of the day, falling by 1.26% due to losses in Persistent Systems and Mphasis. Additionally, auto, healthcare, pharma, and FMCG sectors closed in the red.
Market Outlook: Key Support Level at 22,800
“The Nifty has remained in a narrow band, reflecting the ongoing volatile sentiment. The level of 22,800 will act as crucial support for the market. As long as this level holds, we do not expect a significant fall,” said Rupak De, Analyst at LKP Securities.
Also Read: Life Insurance Sector Set for Growth Boost with 100% FDI Limit Increase
Rupee Weakens Amid Rising Crude Prices
The Indian Rupee ended the day lower at 86.81 against the US Dollar. The Dollar Index remained steady near 107, while rising crude prices, which breached the $72.40 mark for WTI, put additional pressure on the currency.
