Entertainment News | Sensex, Nifty Close Almost flat; IT stocks weigh

Mumbai, Aug 10 (PTI) Benchmark BSE Sensex and Nifty closed on a flat note on Wednesday as booking profits in IT and property stocks offset gains in metals, oil and gas stocks.

The 30-stock Sensex BSE finished 35.78 points or 0.06% lower at 58,817.29 in a volatile session. No less than 17 of its components ended in the red while 13 advanced.

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The broader NSE Nifty rose 9.65 points or 0.06% to close at 17,534.75.

The market remained constrained for most of the session as investors kept exposure low on weak global signals, traders said.

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“Investors were in cautious mode ahead of the release of US inflation statistics, which will set the tone for the FED’s upcoming policy meeting,” said Vinod Nair, head of research at Geojit Financial Services. .

“U.S. CPI inflation in July is expected to remain elevated, in line with June inflation levels. This, combined with strong jobs data, will compel the Fed to continue to take a tough stance. to contain high levels of inflation,” Nair added.

Bajaj Finance was the biggest loser in the Sensex pack, losing 2.66%, followed by NTPC, HCL Tech, Wipro, Asian Paints, Ultra Cement and SBI.

On the other hand, Tata Steel, Bharti Airtel, ICICI Bank, L&T and IndusInd Bank were among the winners.

Stock markets were closed on Tuesday because of “Muharram”.

Among the sectors, metals and capital goods rose the most, while IT and real estate fell the most. The Midcap and Smallcap indices slightly underperformed the Nifty even though the lead-to-drawback ratio remained below 1:1 at 0.8, said Deepak Jasani, head of retail research, HDFC Securities.

Asian markets fell on Wednesday after weak inflation data from China raised concerns about weak demand in China, with attention now turning to key US inflation data to be released later. late in the day.

“European stock markets were flat on Wednesday as investors braced for the latest US inflation data, which should shape the pace of future monetary tightening by the Federal Reserve,” Jasani said.

Global and domestic markets were lackluster after China’s CPI inflation accelerated to 2.7% in July, its highest level in two years and ahead of the release of US inflation data. United, said Siddhartha Khemka, head of retail research, Motilal Oswal Financial Services.

Markets traded in a tight range with a negative bias for most of the trading session as traders followed global direction and exercised caution ahead of key US inflation data.

If inflation picks up slightly, markets around the world fear the U.S. Fed will maintain its hawkish stance and raise rates further, said Shrikant Chouhan, head of equity research (retail), Kotak Securities.

In the broader market, the BSE mid-cap gauge slid 0.13% and the small-cap index fell 0.10%.

Among the BSE sector indices, metal jumped 1.87%, followed by capital goods (1.29%) and basic materials (0.87%), among others.

However, IT fell 0.97%, Real Estate (0.79%), Oil & Gas (0.17%) and Consumer Durables (0.57%).

Elsewhere in Asia, stock exchanges in Shanghai, Hong Kong, Tokyo and Seoul recorded significant losses.

Stocks in Europe were trading with slight gains in mid-term trades.

Meanwhile, the international crude oil benchmark Brent fell 1.05% to $95.30 a barrel.

Foreign institutional investors (FIIs) were net buyers in the Indian capital market as they bought shares worth Rs 1,449.70 crore on Monday, according to exchange data.

The rupee appreciated 16 paise to close at 79.47 (provisional) against the US dollar on Wednesday.

(This is an unedited and auto-generated story from syndicated newsfeed, LatestLY staff may not have edited or edited the body of the content)