Another Flat Trading In Consolidation Mode
Sensex, Nifty edge down on selling inblue-chip IT stocks, exhibited a range-bound performance though selective buying
Another Flat Trading In Consolidation Mode
Mumbai: Benchmark indices Sensex and Nifty ended marginally lower in a volatile trade on Wednesday dragged by blue-chip IT stocks. The 30-share BSE benchmark Sensex dipped 28.21 points or 0.04 per cent to settle at 75,939.18. Intra-day, it hit a high of 76,338.58 and a low of 75,581.38, gyrating 757.2 points. The NSE Nifty skidded 12.40 points or 0.05 per cent to 22,932.90.
Vinod Nair, head (research), Geojit Financial Services, said: “The national benchmarks exhibited a range-bound performance with a slight downward bias, though selective buying in the broader market was evident, driven by bargain hunting in beaten-down stocks. A reversal in FII flows also influenced market dynamics; however, the durability of this trend remains uncertain. Despite concerns over potential US tariff impositions and delays in anticipated interest rate cuts, market sentiment remains optimistic about a rebound in India’s Q3 GDP growth.”
The BSE smallcap gauge jumped 2.41 per cent and midcap index climbed 1.30 per cent.
Prashanth Tapse, senior V-P (research), Mehta Equities Ltd, said: “While markets ended flat with a slightly negative bias due to selling in IT stocks, broader markets witnessed a lot of optimism as mid and smallcap stocks rallied after the recent sell-off. Despite the uncertainty over rising FII selling, falling rupee, and the ongoing tariff war, the recently beaten sectoral stocks from banking, automobile, telecom, metals attracted significant buying interest.”
Among BSE sectoral indices, BSE Focused IT dropped 1.33 per cent, teck (1.31 per cent) and IT (1.21 per cent).
Ajit Mishra, Sr V-P (research), Religare Broking Ltd, said: “Markets remained volatile and ended nearly unchanged, extending the prevailing consolidation phase. The ongoing indecisiveness in the index is keeping participants on edge.” BSE Industrials jumped 2.59 per cent, capital goods (2.19 per cent), metal (1.41 per cent), services (1.41 per cent), consumer discretionary (1.05 per cent), and commodities (0.95 per cent).
