Sensex, Nifty experience flat closure amidst volatility, lack of immediate triggers
Foreign Institutional Investors (FIIs) were noted to offload equities worth Rs 306.56 crore on Wednesday, according to exchange data.
In a day marked by heightened volatility and the absence of immediate market triggers, the equity benchmark indices, Sensex and Nifty, concluded almost unchanged on Thursday. The 30-share BSE Sensex showed a marginal decline of 5.43 points, or 0.01%, settling at 66,017.81. Throughout the trading day, it oscillated between a high of 66,235.24 and a low of 65,980.50. Similarly, the Nifty exhibited a modest dip of 9.85 points, or 0.05%, settling at 19,802.
Major laggards among the Sensex firms included UltraTech Cement, Larsen & Toubro, Bajaj Finance, Tata Consultancy Services, NTPC, Infosys, Titan, and Asian Paints. On the positive side, IndusInd Bank, JSW Steel, Bharti Airtel, Wipro, HDFC Bank, and Tata Steel emerged as the major gainers.
In the Asian markets, Seoul, Shanghai, and Hong Kong concluded with gains. Meanwhile, European markets experienced marginal gains, and the US markets closed in positive territory on Wednesday.
Vinod Nair, Head of Research at Geojit Financial Services, commented on the market dynamics, stating, "Range-bound momentum continued on main indexes as the market looked for new triggers for a decisive move beyond the 19,800 level. However, the broad markets' undercurrent is strong, and rapid buying has emerged in the mid- and small-cap counters as a bargaining strategy arose on recent underperforming stocks."
Key positive factors contributing to the broader market recovery included the decline in oil prices and the easing of US bond yields. Global oil benchmark Brent crude witnessed a 1.50% decline, settling at USD 80.73 a barrel.
On the previous trading day, the BSE benchmark had climbed 92.47 points or 0.14%, settling at 66,023.24, while the Nifty edged higher by 28.45 points or 0.14%, reaching 19,811.85. The current market environment reflects a cautious approach as investors await fresh catalysts for a decisive move.
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