Key indices end flat in choppy trade
Sensex gained 350.57 pts to 53,377.54 in intra-session, but fag-end selling erodes early gains
Mumbai: Benchmark indices ended on a flat note on Thursday as fag-end selling wiped out intra-day gains amid weak global trends. The BSE benchmark Sensex slipped 8.03 points or 0.02 per cent to settle at 53,018.94. During the day, it had gained 350.57 points or 0.66 per cent to 53,377.54. Similarly, the broader NSE Nifty fell 18.85 points or 0.12 per cent to close at 15,780.25.
"Asian and European markets struggled to regain footing amid global recession fears, leading to a resurgent US dollar, which benefitted from safe-haven demand. FII selling nearing exhaustion provided comfort to the jittery Indian market," said Vinod Nair, head (research) at Geojit Financial Services.
"The undertone remains bearish due to weak global cues and persistent foreign fund outflows. There is so much uncertainty that traders don't want to risk placing huge bullish bets," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 851.06 crore on Wednesday, as per exchange data.
Tech Mahindra was the biggest laggard in the Sensex pack, dropping 2.09 per cent, followed by Bajaj Finance, Bajaj Finserv, Tata Steel, IndusInd Bank, HCL Tech and M&M. In contrast, Axis Bank, SBI, Kotak Mahindra Bank, NTPC, Larsen & Toubro and Reliance Industries were among the prominent gainers, rising up to 1.74 per cent.
In the broader market, the BSE midcap gauge declined by 0.74 per cent and smallcap index dipped 0.54 per cent. Among the BSE sectoral indices, metal fell by 2.18 per cent, followed by auto (1.25 per cent), basic materials (1.20 per cent), realty (1.17 per cent), consumer discretionary goods & services (0.90 per cent), IT (0.84 per cent), teck (0.64 per cent) and industrials (0.48 per cent).
Finance, utilities, bank and capital goods were among the gainers. Meanwhile, international oil benchmark Brent crude dipped 0.04 per cent to $116.2 per barrel. The rupee rebounded from its all-time low to close 5 paise higher at 78.98 (provisional) against the US dollar on Thursday. Elsewhere in Asia, markets in Tokyo, Seoul and Hong Kong ended lower, while Shanghai settled in the green. European markets were trading lower in mid-session deals. The US markets ended on a mixed note on Wednesday.
