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Fag-end buying in RIL, PSBs, metals help Nifty end flat; Sensex dips 85 pts

The BSE MidCap index, that hit a record peak of 22,164 earlier today, closed 1.7 per cent higher at 22,141 levels

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MARKET WRAP | Markets | Sensex

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Stock market updates: Fag-end buying in Reliance Industries, auto, and metal counters helped domestic benchmark indices erase most of the day's losses and helped them end nearly flat for second straight day. Moreover, a surge in Brent Crude price, which was hovering around $71 per barrel, exerted pressure on the bourses.

The frontline S&P BSE ended at 51,849 levels, down 85 points or 0.16 per cent, with ITC (down 3 per cent), Asian Paints, HDFC, Axis Bank, Tech M, HCL Tech, and TCS leading the list of losers. This was countered by gains in IndusInd Bank, Reliance Industries, SBI, Power Grid, Bajaj Auto, and Maruti Suzuki, that rallied up to 2 per cent.

On the NSE, the index settled at 15,576 levels, up 1 point. Both the indices hit their respective lows of 51,450 and 15,460 earlier in the day. 

The overall market breadth, however, remained firmly in the favour of advances amid buying in the broader market stocks. The BSE MidCap index, that hit a record peak of 22,164 earlier today, closed 1.7 per cent higher at 22,141 levels on the back of gains in PNB Housing Finance, Adani Enterprises, Muthoot Finance, Central Bank, and IDFC First Bank.

The BSE SmallCap index, on the other hand, gained 1.35 per cent to close at 23,841 levels after hitting a new peak of 23,842 levels in intra-day trade.

On the sectoral front, the Nifty PSU Bank index zoomed nearly 3 per cent on the NSE on report NITI Aayog has submitted list of privatisation-bound state-owned banks to the Core Group of Secretaries on Disinvestment. Individually, Bank of Maharashtra, PNB, Central Bank of India, Indian Bank, Indian Overseas Bank, and Canara Bank jumped between 3 per cent and 8 per cent. 

That apart, the Nifty Metal and Pharma indices gained 2 per cent each.

On the downside, the Nifty IT and FMCG indices slipped 0.77 per cent and 0.5 per cent, respectively.

Global cues
Stock hovered near record highs on Wednesday as investors cheered the latest evidence of a sustained rebound in global economies and stronger oil prices lifted energy stocks.

The broad Euro STOXX gained 0.22 per cent, mildly below Tuesday's record high levels. British shares extended their rally with the FTSE 100 up 0.36 per cent, while Germany's DAX and the French CAC 40 gained marginally.

The MSCI world equity index, which tracks shares in 49 countries, was 0.1 per cent lower. 

(With inputs from Reuters)


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