After touching record highs, Nifty-Sensex close in negative zone
Indian stock market closed almost flat on the Tuesday trading session after hitting all time during the opening trade. The Nifty touched an all-time high of 22,768.40 to close at 22,641.75 while the Sensex touched all time high of 75,124.28 to settle at the level of 74,683.70 at the time of closing.
ANI
Apr 09, 2024 16:11 IST
Mumbai (Maharashtra) [India], April 9 (ANI): Indian stock market closed almost flat on the Tuesday trading session after hitting an all-time high during the opening trade. The Nifty touched an all-time high of 22,768.40 to finally close at 22,641.75 while the Sensex touched an all-time high of 75,124.28 to settle at the level of 74,683.70 when closed. BSE midcap and small-cap indices ended on a negative note.
The pullback in the closing was attributed to weakness in key stocks such as Reliance, Asian Paints, and Titan, which offset gains primarily driven by IT and financial sectors.
In the Nifty 50 index, Apollo Hospitals, Hindalco, ICICI Bank, Eicher Motors, and Infosys were the notable gainers, while Titan, Coal India, Hero MotoCorp, Reliance, and Asian Paints recorded losses. Although, the Nifty midcap, Nifty Bank and Nifty Financial services closed in green with marginal gain.
"Sector-wise, media and PSU Banks emerged as the biggest losers, declining by 1.25% and 0.90% respectively. This downward trend extended to Consumer Durables, FMCG, Oil & Gas, Auto, and Pharma indices, which were down by varying degrees" said Varun Aggarwal, MD, Profit Idea.
The Indian rupee remained relatively stable, recording minor gains of 0.02 Rs at 83.22. This sideways trend persisted, with the dollar index awaiting fresh triggers from the upcoming US CPI numbers scheduled for Wednesday evening.
"The strength of the Indian economy is expected to support the rupee, while global geopolitical tensions may exert pressure. Rupee's support levels are anticipated at 83.45-83.55, with resistance levels at 83.15-83.20" said Jateen Trivedi, VP Research Analyst, LKP Securities.
Globally, markets were cautious ahead of key events such as the U.S. inflation reading and the European Central Bank meeting. Expectations regarding U.S. rate cuts have diminished, with traders now pricing in around 62 basis points of cuts in 2024, compared to approximately 150 basis points at the beginning of the year.
Asian stocks climbed on Tuesday following subdued trading in US benchmarks and Treasury yields edging higher ahead of crucial inflation data. Benchmark equity indexes in South Korea and Australia recorded gains, while futures in Hong Kong also pointed upwards. Meanwhile, Japanese equities benefited from a weaker currency, supporting exporters. (ANI)
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