The Indian equity benchmark indices Sensex and Nifty recovered from day's low to end flat on Wednesday. The Sensex ended 29.22 points, or 0.05 percent, lower at 58,250.26, while the Nifty eased 8.60 points, or 0.05 percent, to close at 17,353.50.
Broader markets outperformed the benchmarks as the smallcap and midcap indices closed over half a percent higher.
Among sectors, gains were seen in banks, metals and energy stocks, while selling was seen in IT, auto, pharmaceutical and media indices.
"We expect choppiness to continue in the index on Thursday as well due to the scheduled weekly expiry. Nifty has been hovering within the 17,250-17,400 zone and either side break would trigger the next directional move. Apart from the global markets, traders should keep a close watch on the banking pack for cues," said Ajit Mishra, VP - Research, Religare Broking.
Several textile stocks including Arvind, Raymond, Bombay Dyeing & Mfg Co, Bombay Rayon Fashions, Grasim Industries, Welspun India, Trident, KPR Mill, Nitin Spinners, Gokaldas Exports and Himatsingka Seidas were trending in today's session after the Union Cabinet approved the Production Linked Incentive Scheme for textiles.
Shares of Info Edge India jumped 8.72 percent to end at Rs 6,720.45 apiece after ICICI Securities upgraded its target price on the stock by 28 percent to Rs 8,050 owing to a better outlook. The stock hit an all-time high at Rs 6,748.35 intraday on the BSE.
Ramkrishna Forgings share price gained over a percent intraday after the company bagged an export order worth Rs 130 crore (Euro 15 million) from an OEM in a CIS country for the period of 3 years.
APL Apollo Tubes
APL Apollo Tubes' shares extended rally and surged 4.50 percent to close at Rs 1,844.70 after domestic brokerage firm Motilal Oswal Financial Services initiated coverage on the stock with a buy call, setting the target price of Rs 2,065.
Asian Granito India
The shares of Asian Granito India jumped 11.89 percent to Rs 155.30 as the company turned ex-date for its Rights Issue. The company is scheduled to open its Rights Issue on September 23, 2021. The Rights Issue closes on October 7, 2021.
Olectra Greentech shares closed at 5 percent upper circuit at Rs 343.80 after Nomura India Investment Fund Mother Fund-The MTBJ AC Nomura India Investment FD bought 28.2 lakh equity shares in the company.
McDowell Holdings shares jumped 10 percent as the recovery Officer I DRT (Debt Recovery Tribunal) II continued to offload shares in the company, selling additional 1.1 lakh equity shares in the company at Rs 45.45 per share.