Key indices end flat in choppy trade
Sensex, Nifty continue to fall for 2nd day on selling in banking, FMCG auto stocks; Key indices oscillating in a narrow range as crude price, FPI flows and speculation on what the Fed might do in the coming policy meets influencing investor sentiment
Quick intraday relief rally likely
Directionless Trading
- BSE Sensex down by 89.14 pts to 57,595.68
- NSE Nifty dipped 22.90 pts to 17,222.75
- 27 of Nifty-50 declined and 22 advanced
- Indices pared losses at the end
- Positive opening on European mkts aided partial recovery
Mumbai: Benchmark stock indices Sensex and Nifty closed lower in highly volatile trade on Thursday due to selling in banking, auto and FMCG stocks amid a weak trend in global equity markets. Extending losses for a second day, the 30-share BSE Sensex ended down by 89.14 points or 0.15 per cent at 57,595.68. During the day, it touched a low of 57,138.51 and a high of 57,827.99. The broader NSE Nifty dipped 22.90 points or 0.13 per cent to settle at 17,222.75 as 27 of its components declined and 22 advanced.
"The market now lacks direction and is moving up or down on a daily basis responding to news regarding crude price, FPI flows and speculation on what the Fed might do in the coming policy meets," said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
"Sensex and Nifty ended a volatile session with losses amid heightening volatility due to surge in global crude oil prices and prospects of the US Fed raising interest rate," adds Mohit Nigam, head (PMS), Hem Securities.
"Markets traded dull and ended marginally lower amid mixed global cues. After the initial dip, the benchmark oscillated in a narrow range. All eyes are on the outcome of the NATO summit as it could provide the direction to the lingering Russia-Ukraine tension. Indications are in the favour of further consolidation in the index however the prevailing underperformance from the banking pack is denting sentiment," Ajit Mishra, V-P (research), Religare Broking Ltd, said.
"Markets lingered in negative territory for major part of the trading session, but trimmed losses at the end, as positive European markets opening aided partial recovery. Global markets trend will continue to dictate sentiment as investors would not want to take bullish bets given the fragile situation globally," said Shrikant Chouhan, head (equity research-retail), Kotak Securities Ltd. Foreign institutional investors (FIIs) were net buyers as they bought shares worth Rs 481.33 crore on Wednesday, according to stock exchange data.
