The domestic key equity indices ended the rollercoaster session on a flat note. The NSE Nifty 50 settled the session 5.4 points or 0.02% lower at 22,119.30, while the BSE Sensex declined 112.16 points or 0.15% to finish at 73,085.94. However, the broader markets saw a smart recovery during the end. The Nifty Midcap 100 closed the session 69 points or 0.14% at 47,984.15.
The oil & gas stocks remained the key losers during the session. The Nifty Bank ceased the day 0.48% lower at 49,114.30 while the Nifty Oil & Gas closed 0.80% lower at 9,513.40.
The Nifty Bank lost 230.40 points or 0.48% to close at 48,114.30. Bucking the overall trend, the Nifty Midcap 100 saw buying and closed the day 69 points, or 0.14%, higher at 47,984.15.
The volatility index India VIX cooled down 1.06% to the 13.76 level.
BEL (4.57%) was the top gainer in the Nifty 50, followed by Grasim Industries (3.18%), Eicher Motors (2.94%), JSW Steel (2.68%), and BPCL (2.23%). Meanwhile, Bajaj Auto, Coal India, Reliance Industries, Bajaj Finserv, and HDFC Bank were the major losers in the Nifty 50.
“The market experienced a gradual recovery from its intraday low, driven by improving economic growth, a rebound in consumption expenditure, and healthy expansion in the agricultural sector, which influenced investor sentiment. With valuations approaching oversold levels, domestic indicators suggest potential for a rebound,” said Vinod Nair, Head of Research at Geojit Financial Services.