Nifty Gives Up Most Of Day's Gains, Ends Flat At 11,102

Losses in energy, pharmaceutical and select financial shares weighed on the markets

Domestic stock markets ended a volatile session on Wednesday on a flat note, as losses in energy, pharmaceutical and select financial shares offset gains in automobile and metal counters. The S&P BSE Sensex index climbed up as much as 1.20 per cent – or 452.05 points – to touch 38,139.96 in the first half of the day, and slumped by as many as 589.36 points from there to hit 37,550.60 in late afternoon deals. The broader NSE Nifty 50 benchmark traded within a range of 161.6 points, between 11,225.65 and 11,064.05, during the session.

The Sensex ended 24.58 points – or 0.07 per cent – lower at 37,663.33, and the Nifty settled at 11,101.65, up 6.40 points – or 0.06 per cent – from its previous close. 

Hindalco, Tata Steel, Eicher Motors, Adani Ports and Tata Motors, ending between 3.63 per cent and 8.65 per cent higher, rose the most among the 34 gainers in the 50-scrip Nifty basket.

On the other hand, UPL, HDFC Life, Power Grid, HDFC Bank and Wipro, settling with losses of between 1.01 per cent and 1.59 per cent, were the top Nifty losers.

Market breadth favoured gains, as 1,618 stocks rose on the BSE whereas 1,017 fell. On the NSE, 1,156 stocks advanced and 664 declined.

Analysts awaited the outcome of the Reserve Bank of India’s three-day policy review due on Thursday for near-term cues.

Around two-thirds of economists in a poll by news agency Reuters expect the central bank to lower the repo rate by another 25 basis points (bps) on August 6, and once more next quarter to a record low of 3.50 per cent.

The RBI has already cut the key lending rate by a total of 115 basis points since February, on top of the 135 basis points last year, from 6.50 per cent, responding to slowing growth.

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