Sensex, Nifty edge down in sluggish trading

Mumbai: Benchmark equity indices Sensex and Nifty ended on a flat note in a volatile trade on Tuesday, as investors preferred to stay on the sidelines awaiting further triggers amid persistent foreign fund outflows. After gyrating between highs and lows, the 30-share index declined 67.30 points or 0.09 per cent to settle at 78,472.87. During the day, it dropped 142.38 points or 0.18 per cent to 78,397.79. The NSE Nifty dipped 25.80 points or 0.11 per cent to 23,727.65.

“The domestic market concluded flat ahead of the holiday, with metal and power stocks dragging performance, while FMCG and auto sectors gained from recent corrections. The near-term market trajectory hinges on the outcome of Q3 results and the Union budget, but caution prevails due to a strong dollar, high bond yields, and concerns over rate cuts. The rupee hitting an all-time low further evoked the caution,” Vinod Nair, head (research), Geojit Financial Services.

As many as 2,019 stocks declined, while 1,977 advanced and 96 remained unchanged on the BSE.

“The Nifty index saw a lackluster start to the much-anticipated Santa Claus Rally Period, with the index closing at 23,728, down 26 points. The sluggish session was attributed to persistent selling by FIIs, concerns over India’s slowing economic growth, and a weakening Indian rupee, which hit a record low of Rs85.13 against the dollar.