Indian Benchmark Indices Close the Day on a Flat Note

The Indian benchmark indices wrapped Wednesday nearly flat after a volatile trading session. The cues erased their gains recorded in the early part of the day to close the day almost unchanged. There was an intense selling trend witnessed by the stocks of energy and pharma sectors, which made the indices retreat from their day’s high. 

The S&P BSE Sensex ended the day at 37,663.33 points. It shed as much as 24.58% or 0.065% over the day. As many as 12 of the 30 stocks that constitute Sensex, India’s most-followed index, tanked. The losses in the index were led by PowerGrid, HDFC Bank, and RIL as their share prices were reduced by 1.35%, 1.30% and 1.14% respectively.  

The Sensex index received much-needed support from Tata Steel, Titian Company, and Maruti Suzuki as their share prices advanced by 6.33%, 2.86%, and 2.81% respectively. The auto stocks were on the upward run today as M&M and Bajaj Auto gained 1.93% and 1.36% respectively. 

Also Read: Indian Benchmark Indices Close Wednesday Over 0.85% Lower

Banking stocks had a mixed day as some witnessed losses while some advanced. Axis Bank, Kotak Bank, IndusInd Bank, and ICICI Bank stocks are the ones that moved ahead while SBI and HDFC duo lost. Apart from these, even tech stocks put up a poor show as Infosys, Tech Mahindra, and HCL tech collapsed. 

The NSE Nifty 50 managed to close the day slightly higher. It shot up 0.058% or 6.40 points to end the Wednesday at 11,101.65 points. The index was pushed ahead by the gains recorded by 34 of the 50 stocks that form the Nifty index. The share price of only 16 stocks was reduced over the day. 

Hindalco emerged as the top gainer among the Nifty index as its share price zoomed a massive 8.65%. UPL limited was the top loser, it lost 1.59%. India VIX, the volatility gauge, fell 0.25 points or 1.04%.

For any clarifications/feedback on the topic, please contact the writer at vineeth.nc@cleartax.in

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