Indian indices ended flat on Wednesday, snapping three sessions of record close, mainly dragged by financials and pharma sectors.
Indian indices ended flat on Wednesday, snapping three sessions of record close, mainly dragged by financials and pharma sectors. The Sensex ended 25 points lower at 49,492 while the Nifty was up 1 point to settle at 14,565.
Meanwhile, the broader markets underperformed benchmarks with the midcap index down 0.7 percent. Among sectors, Nifty Fin Services and Nifty Pharma led the losses while the banking, auto, FMCG and IT indices were in the green for the day.
M&M was the top gainer in the Sensex pack, rallying around 6 percent, followed by SBI, ITC, NTPC, Bharti Airtel and ONGC.
On the other hand, Bajaj Finance, HDFC, Bajaj Finserv, Titan, Sun Pharma and Dr Reddy’s were among the laggards.
According to Binod Modi, Head-Strategy at Reliance Securities, domestic equities were volatile and gave-up early gains as profit booking was visible in a large number of stocks.
”While the contraction in November 2020 IIP data indicates more measures by FM in the budget to stimulate economic activities, better than anticipated softening in CPI data for December 2020 negates the looming concerns over low-interest rate scenarios, we continue to believe that that a sharp rebound in high frequency key economic data for December 2020 indicates demand revival, which bodes well for the markets. Further, 3Q FY21 corporate earnings are progressing well and are expected to sustain growth, which along with weak dollar and soft monetary policy of global bankers should continue to attract FPIs into domestic equities,” he said.
(With inputs from PTI)
First Published: IST