NEW DELHI: Indian benchmark indices Sensex and Nifty ended flat amid volatile session on Thursday, as gains in auto stocks were offset by losses in the banking and FMCG sectors, reflecting the approaching year-end.
BSE Sensex dipped marginally by 0.39 points to 78,472.48, while the NSE Nifty gained 22.55 points, or 0.1%, to settle at 23,750.20 on the monthly expiry day.
Among the 30 blue-chip stocks, Adani Ports, Shriram Finance, State Bank of India, Maruti, Axis Bank, ICICI Bank, Mahindra & Mahindra, and Power Grid were among the top gainers. In contrast, Titan, Asian Paints, Nestle, Tech Mahindra, Reliance Industries, Zomato, Larsen & Toubro, and Bajaj Finserv were the top losers.
However, broader indices, including small-cap and mid-cap stocks, also ended the day flat.
Market opened marginally higher on the opening trade after a mid-week break for the Christmas holiday. However, the initial gains were short-lived as persistent market pressures weighed on investor sentiment, dimming hopes for a year-end rally.
By 11.15 am, the BSE Sensex traded at 78,510.17, up just 37.30 points (0.05%), while the Nifty50 hovered around 23,756.80, a modest gain of 29.15 points (0.12%).
The Sensex opened at 78,877.12, marking an initial rise of 404.25 points (0.52%), while the Nifty50 began the day at 23,790.85, up by 63.20 points (0.27%).
This followed Tuesday’s moderate rally, where Sensex closed at 78,636.97, up 164.10 points (0.21%), and Nifty finished at 23,790.85, gaining 63.20 points (0.27%).
Among sectoral indices, Nifty Auto, FMCG, IT, Media, and PSU Bank recorded gains, while other sectors traded in the red.
In the Nifty50 pack, 31 stocks opened higher. Top gainers included Britannia, TCS, Tata Motors, Nestle India, and Hero Motors. On the other hand, 19 stocks declined, with JSW Steel, IndusInd Bank, and Shriram Finance leading the losses.
In the Asian markets, Tokyo and Shanghai closed in positive territory, while Seoul ended in the red. Meanwhile, US markets remained closed on Wednesday for the Christmas holiday.
Foreign Institutional Investors (FIIs) sold equities worth Rs 2,454.21 crore on Tuesday, as per exchange data.
Analysts attribute the market’s subdued performance to external and internal headwinds. The strong US dollar and high bond yields have led Foreign Institutional Investors (FIIs) to sell during rallies, while domestic concerns such as slowing economic growth and weaker corporate earnings have added pressure.
As the year-end nears, market experts advise a cautious approach. “Investors should prioritise safety over returns in the current context,” V K Vijayakumar, chief investment strategist at Geojit Financial Services told PTI, highlighting the dual impact of external and internal challenges on market sentiment.