Sensex inches up, Nifty ends flat in volatile session

Range-Bound Trading

• BSE Sensex closed 165.32 pts or 0.22% higher at 73,667.96
• During the day, Sensex surged 501.52 pts to 74,004.16
• Nifty ended flat at 22,335.70 points, inching up 3.05 pts or 0.01%
• HDFC Bank, TCS, Maruti, Infosys, RIL, Airtel among major gainers
• SBI, JSW Steel, ITC, Tata Motors, UltraTech Cement and Nestle were laggards
• BSE smallcap gauge declined 2.11%
• Mid-cap index dipped 1.31%

Mumbai: Equity market benchmark Sensex ended higher on Tuesday due to heavy buying in index heavyweights like HDFC Bank, TCS and Reliance Industries (RIL) amid mixed cues from Asian markets. Witnessing a volatile trade, the 30-share BSE Sensex closed 165.32 points or 0.22 per cent higher at 73,667.96 points. During the day, the barometer surged 501.52 points to 74,004.16. The broader Nifty, however, ended almost flat at 22,335.70 points, inching up 3.05 points or 0.01 per cent.

“The domestic market witnessed range-bound trading today after the previous day’s sharp profit booking. However, mid-and small-cap stocks remained pressured, primarily due to apprehensions regarding inflated valuations,” Vinod Nair, head (research), Geojit Financial Services.

“Global sentiment remained mixed as investors awaited key US inflation data, which could offer insights into the Fed’s interest rate decisions. Additionally, market participants are anticipating India’s inflation figures scheduled for release today, to remain consistent with the previous month, which will be at the middle of RBI’s tolerance range,” Nair added.

“Despite certain indices and sectors initially performing well, many retreated from their day’s highs, while others hovered close to their lows. Throughout the day, both the midcap and small-cap indices remained under pressure, reflecting the prevailing challenges across these segments of the market. On the sectoral front, apart from IT, all other indices were trading in the red, with the realty index down nearly four per cent. The benchmark index witnessed a volatile opening hour, with sharp swings on both sides. As the volatility cooled off, the index oscillated in the range of 96 points and closed in the lower quartile of the 196-point trading range established during the day,” added Avdhut Bagkar Technical and Derivatives Analyst at StoxBox.

In the broader market, the BSE smallcap gauge declined 2.11 per cent and midcap index dipped 1.31 per cent. Among sectoral indices, realty plummeted by 3.53 per cent, industrials by 1.74 per cent, commodities by 1.73 per cent, services by 1.70 per cent, utilities by 1.59 per cent and metal by 1.34 per cent. IT and Teck were the only gainers.

Among Sensex firms, HDFC Bank climbed more than 2 per cent. TCS, Maruti, Infosys, Reliance Industries and Bharti Airtel were among the major gainers. State Bank of India, JSW Steel, ITC, Tata Motors, UltraTech Cement and Nestle were among the laggards.