Stock Market: Sensex, Nifty Trade Flat Amid Volatility. Wipro Gains Over 2 Per Cent. Pharma, IT Lead

Stock update: On the 30-share Sensex platform, Wipro (over 2 per cent), Tata Steel, PowerGrid, Asian Paints, HCL, HUL, TechM were among the lead gainers

In the broader markets, the BSE Midcap and Smallcap indices hit new lifetime highs of 29,509 and 33,926.7, respectively, rising up to 0.6 per cent.

Source : Getty

The two key equity benchmarks, Sensex and Nifty, on Monday erased their opening gains and were trading flat amid volatility. In the opening trade, the NSE Nifty50 index notched a fresh record high level of 19,612.15 after it garnered 50 points. At 9.45 am, the BSE Sensex was marginally up by 30 points to 66,090. On the other hand, the NSE Nifty was trading at 19,589, up 25 points.

On the 30-share Sensex platform, Wipro (over 2 per cent), Tata Steel, PowerGrid, Asian Paints, HCL, HUL, TechM were among the lead gainers. On the downside, Airtel, ICICI Bank, Tata Motors, HDFC Bank, Reliance, L&T, and NTPC emerged losers. Among individual stocks, JSW Energy declined 3 per cent as the company's consolidated net profit declined 48 per cent YoY to Rs 289.88 crore in Q1FY24, wing to weakness in its hydro energy, short-term sales, and coal segments, along with charges related to debt-refinancing

#ABPLiveStockMarketWatch | Sensex and Nifty erased their opening gains and were trading flat, on Monday.

At 09:46 AM, #Sensex went up by 51 points to 66,111 & #Nifty by 23 points to 19,588

Here's a look at the stocks in focus:#StockMarket #StockMarketPrices #Trading #Stock pic.twitter.com/WK7OjQHtsD

— ABP LIVE (@abplive) July 17, 2023

In the broader markets, the BSE Midcap and Smallcap indices hit new lifetime highs of 29,509 and 33,926.7, respectively, rising up to 0.6 per cent.

Sectorwise, Nifty Pharma, Information Technology, Metals, FMCG, and Power up 0.5 per cent each. Selling can be seen in banking and realty stocks. 

In the previous session on Friday, Sensex closed with a gain of 502 points at 66,061, while the NSE Nifty50 finished 151 points higher at 19,565.

"In July, FPIs have invested Rs 30,660 crore in India inclusive of bulk deals and investment through primary market. This reflects the increasing FPI confidence in the Indian economy and markets," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In Asian markets, Seoul and Shanghai were trading lower while Hong Kong quoted in the green. The US markets ended on a mixed note on Friday.

Global oil benchmark Brent crude dipped 0.86 per cent to $79.18 a barrel.

Meanwhile, the rupee gained 6 paise to 82.11 against the US dollar in early trade on Monday supported by steady foreign fund inflows. However, a surge in crude oil prices capped sharp gains for the local unit, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 82.14, then touched a high of 82.11 against the American currency, registering a rise of 6 paise over its last close. On Friday, the rupee had settled at 82.17 against the dollar.

Softness in the US dollar and sustained FII inflows supported the rupee, forex traders said, adding that the strength in crude oil prices remains a concern for the local unit, as a sharp surge in prices could limit its gains.