The 30-share BSE Sensex ended down by 27.43 points, or 0.03%, at 79,897.34. It hit an early high of 80,170.09 but lost momentum, touching a low of 79,464.38. The NSE Nifty edged down 8.50 points, or 0.03%, to settle at 24,315.95, fluctuating between 24,402.65 and 24,193.75 during the day.
Profit-taking in heavyweights
Investors booked profits in key stocks, causing Bajaj Finance to drop by 1.48%, and Mahindra & Mahindra, NTPC, and Nestle to decline over 1% each. Other significant losers included HDFC Bank, ICICI Bank, Sun Pharma, Power Grid, UltraTech Cement, Bharti Airtel, RIL, and Larsen & Toubro.
Gainers amidst the decline
On the positive side, ITC rose by 1.64%, with Tata Motors, Asian Paints, and Titan also recording gains. TCS gained 0.33% ahead of its quarterly financial results announcement, reporting an 8.7% year-on-year rise in net profit to Rs 12,040 crore and a 5.4% rise in revenue to Rs 62,613 crore for the June quarter.
Sectoral trends
Energy and FMCG sectors ended in the green, while realty and pharma sectors declined. The BSE smallcap index climbed by 0.57% and the midcap index went up by 0.34%. Oil & Gas sector jumped by 1.68%, and other advancing sectors included energy, services, industrials, and telecommunications.
Global market influence
Asian markets closed higher with gains in Seoul, Tokyo, Shanghai, and Hong Kong. European markets were trading positively, while US markets ended significantly higher on Wednesday. Foreign Institutional Investors (FIIs) bought equities worth Rs 583.96 crore on Wednesday.
Outlook and analyst comments
Vinod Nair, Head of Research at Geojit Financial Services, noted that indices are struggling to justify their premium valuations ahead of a subdued Q1 earnings season. Ajit Mishra, SVP, Research at Religare Broking Ltd, highlighted the mixed sectoral trends, with energy and FMCG performing well.
Focus on upcoming data
Attention is now on US inflation data, expected to moderate and influence the Federal Reserve's interest rate decisions. Global oil benchmark Brent crude climbed 0.21% to USD 85.26 a barrel. The market remains focused on key financial results and global economic indicators, which will guide investor sentiment in the coming sessions.
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