Mkts close flat as IT scrips cap gains
Domestic equities may enter a brief consolidation phase following this week’s strong rally driven
Mumbai:Benchmark stock indices Sensex and Nifty closed on a flat note in a choppy session on Wednesday as gains in PSU banks and auto shares were offset by losses in IT stocks.
In a range-bound trade, the 30-share BSE Sensex slipped 40.28 points, or 0.05 per cent, to close at 84,233.64. During the day, it hit a high of 84,487.34 and a low of 84,081.25. The NSE Nifty inched up 18.70 points, or 0.07 per cent, to settle at 25,953.85.
Among the 30 Sensex firms, Tata Consultancy Services, Infosys, HCL Technologies, Eternal, ITC, Tech Mahindra, Axis Bank, HDFC Bank, UltraTech Cement, Titan, Adani Ports, Bajaj Finserv and Tata Steel were among the laggards.
On the other hand, State Bank of India, Maruti Suzuki India, IndiGo, Trent, Reliance Industries, NTPC, Bajaj Finance, ICICI Bank, Sun Pharmaceuticals, Hindustan Unilever, and Bharat Electronics Ltd were among the gainers.
"Domestic equities may enter a brief consolidation phase following this week's strong rally driven by the US-India trade deal. Market attention has shifted back to mixed Q3 results, upcoming monthly inflation data, and finer details of the trade agreement, which is reportedly nearing finalisation," Vinod Nair, Head of Research, Geojit Investments Ltd, said.
He added that strength in the auto and healthcare sectors reflects better-than-expected earnings, while IT underperformed amid a global selloff linked to AI-related volatility. Broader markets lagged, with Midcap and Smallcap indices posting modest declines.
"Globally, sentiment stayed cautious due to weak US retail sales and persistent AI-related disruptions, keeping investors risk-averse ahead of key US employment data. "Meanwhile, domestic markets have begun to benefit from improving FII flows, which have turned positive and are expected continue due to upside in GDP forecast and moderation in India's valuations," Nair said.
A total of 2,316 stocks declined, while 1,913 advanced and 154 remained unchanged on the BSE. BSE MidCap Select Index rose 0.18 per cent, while SmallCap Select Index ended on a flat note. Among sectoral indices, Focussed IT declined the most by 1.74 per cent, Information Technology by 1.73 per cent, Services by 0.16 per cent, Private Banks Index by 0.13 per cent, FMCG and Industrials by 0.04 per cent each. On the other hand, Healthcare, Auto, PSU Bank, Oil & Gas, Realty, Utilities, Consumer Discretionary, Telecommunication, Metal and Consumer Durables were among the gainers.
"The Nifty extended its winning streak to a fourth consecutive session, eking out a modest 18 point gain to finish at 25,953. All sectoral indices closed positive except IT and private banks, with Healthcare, Auto, PSU Banks, and Pharma posting the strongest gains," Nandish Shah - Deputy Vice President, HDFC Securities, said.
