The benchmark equity indices ended Wednesday’s trading session in the negative territory. The NSE Nifty 50 ends lower by 18.65 points or 0.08% to settle at 22,434.65, while the BSE Sensex dropped 27.09 points or 0.04% to 73,876.82. Bank Nifty index ended higher by 113.55 points or 0.24% to settle at 47,624.25.
The broader indices ended in mixed territory, with gain led by Small-cap and Mid-cap stocks. PSU Banks and IT stocks outperformed among the other sectoral indices while Realty and FMCG stocks shed.
Shriram Finance, NTPC, Divis Labs, TCS, and Tech Mahindra are the top gainers on NSE Nifty 50 index whereas top laggards include Nestle India, Bajaj Auto, Dr Reddy’s Lab, Kotak Mahindra Bank, and Britannia Industries.
The Indian Volatility Index (India VIX) closed down by 2.40 %.
“Weak Asian and US market cues coupled with caution ahead of the RBI’s monetary policy announcement on Friday saw domestic equities end flattish with a negative bias,” said Prashanth Tapse, Senior VP (Research), Mehta Equities
Tapse also added, Surging crude oil prices and uptick in US bond yields are making investors nervous with FIIs offloading local shares further dampening the sentiment.
“There is a subtle positivity in the Indian market, bucking the weak global trend, aided by positive manufacturing PMI data and optimistic expectation of upcoming Q4 results. Buoyancy of the broad market indicates strength to continue in the short-term,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that meanwhile, strong US economic data has apparently cast doubts on the Fed rate cut in June anticipated by the market. Market is focused on the US FED chair’s speech, later today, for more hints. A statement in-line with the last policy is predicted to bring back a respite to the global market.