Stock Market: Sensex And Nifty End Flat Amid Volatility. IT, PSU Banks, Pharma Drag

Stock update: On the 30-share Sensex platform, NTPC, M&M, Wipro, Tata Steel, L&T, Axis Bank emerged gainers. On the downside, JioFin, Bajaj Finserv, SBI, TCS, HDFC Bank, TechM were among the losers

In the broader markets, the BSE MidCap and SmallCap indices were up 0.9 per cent each.

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The two key equity benchmarks, Sensex and Nifty, on Tuesday oscillated between gains and losses eventually ending flat. The S&P BSE Sensex from a low of 65,165, swung into the positive zone and touched a high of 65,333. However, the Sensex erased gains and ended on a flat at 65,220, up 4 points. On the other hand, the NSE Nifty50 closed at 19,396, rising 3 points.

On the 30-share Sensex platform, NTPC, M&M, Wipro, Tata Steel, L&T, Axis Bank emerged gainers. On the downside, JioFin, Bajaj Finserv, SBI, TCS, HDFC Bank, TechM were among the losers.

#ABPLiveStockMarketWatch | The two key equity benchmarks, on Tuesday oscillated between gains and losses eventually ending flat.

At 03:30 PM, #Sensex gains 4 points to 65,220 & #Nifty up 3 points to close at 19,396

Here's a look at the stocks in focus#ClosingBell #ABPLive… pic.twitter.com/2EjbPVHuPg

— ABP LIVE (@abplive) August 22, 2023

Among specific stocks, Jio Financial Services was locked at the 5 per cent lower circuit for the second straight day. The stock settled at Rs 239.20 on the BSE. Following the two successive lower circuits, BSE has deferred the removal of Jio Financial from all its indices by another three days to August 29.

In the broader markets, the BSE MidCap and SmallCap indices were up 0.9 per cent each.

Sectorwise, barring information technology, pharma, and PSU Bank, all other indices ended in the green with capital good and power adding 1 per cent each, while metal and FMCG rose 0.5 percent each.

In the previous session on Monday, the S&P BSE Sensex ended 267 points higher at 65,216, while the NSE Nifty 50 settled at 19,394, up 83 points.

"Markets ended flat with a positive bias in an extremely lacklustre trading session, as traders preferred to stay on the sidelines after witnessing choppy trades over the past week or so. Despite the range-bound session, buying activity was seen in power and capital goods stocks, while IT stocks failed to deliver, despite a strong upsurge in the tech-heavy Nasdaq in overnight trades," said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong settled in the green. European markets were trading with gains. The US markets ended mostly in the positive territory on Monday.

Global oil benchmark Brent crude declined 0.18 per cent to $84.31 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,901.10 crore on Monday, according to exchange data.

Meanwhile, the rupee recovered from its all-time low levels and settled for the day higher by 19 paise at 82.94 (provisional) against the US dollar on Tuesday, as the American currency retreated from its elevated levels. Forex traders said the rupee appreciated tracking a weak tone in the US dollar. However, selling pressure by foreign investors amid risk aversion in global markets dented sentiments.

At the interbank foreign exchange market, the local unit opened at 83.07 against the US dollar and moved in a range of 82.93 to 83.09 in the day trade. The rupee finally settled 19 paise higher at 82.94 (provisional) against the previous close. On Monday, the rupee depreciated by 3 paise and settled for the day at an all-time low of 83.13 against the US dollar.