Stock Market: Sensex, Nifty Trade Flat Amid Mixed Global Cues. Metals Up, Banks Down

Stock update: On the 30-share Sensex platform, Tata Steel, Axis Bank, JSW Steel, HUL, Infosys, TCS were among the early gainers

In the broader markets, the Nifty Midcap 100 and Nifty Smallcap 100 indices rose 0.4 per cent each.

Source : Getty

The two key equity benchmarks, Sensex and Nifty, on Wednesday were trading flat, tracking mixed global sentiments. At 9.40 am, the BSE Sensex marginally gained 20 points to 65,240. On the other hand, the NSE Nifty50 was trading 19,405, 9 points.

On the 30-share Sensex platform, Tata Steel, Axis Bank, JSW Steel, HUL, Infosys, TCS were among the early gainers. On the downside, JioFin, Sun Pharma, Airtel, ITC, HDFC Bank, Bajaj twins, Kotak Banks emerged losers. Among specific stocks, Shares of Jio Financial hit 5 per cent lower circuit on the BSE for the third consecutive day post listing on exchanges. BEML stock rallied 4.7 per cent to hit 52-week high of Rs 2,183 per share on the BSE after it bagged an order worth Rs 101 crore from Ministry of Defence for supply of command post vehicles.

#ABPStockMarketWatch | Sensex & Nifty, on Wednesday were trading lower, tracking mixed global sentiments

At 10:19 AM, #Sensex dipped by 65 points to 65,155 & #Nifty by 9 points to 19,387

Here's a look at the stocks in focus:#ABPLive #MarketWatch pic.twitter.com/zG8IyMZWtl

— ABP LIVE (@abplive) August 23, 2023

In the broader markets, the Nifty Midcap 100 and Nifty Smallcap 100 indices rose 0.4 per cent each.

Sectorwise, apart from Bank Nifty, all other sectoral indices traded in positive zone. Nifty metal index up 1 per cent and capital goods index rose 0.5 per cent, while Nifty Realty indices gained 0.7 per cent.

In the previous session on Tuesday, the S&P BSE Sensex ended on a flat at 65,220, up 4 points, while the NSE Nifty50 closed at 19,396, rising 3 points.

"There are no immediate triggers which can take the market sharply up or down. Investors may wait and watch for new data expected this weekend from the US. Since the dollar index and the US bond yields remain high, FIIs will not be strong buyers in the market," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In Asian markets, Tokyo, and Hong Kong were quoting in the green while Seoul and Shanghai traded lower. The US markets ended on a mixed note on Tuesday.

Global oil benchmark Brent crude gained 0.15 per cent to $84.16 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 495.17 crore on Tuesday, according to exchange data.

Meanwhile, the rupee was trading in a narrow range and appreciated by seven paise against the US dollar in early trade on Wednesday, amid a muted trend in domestic equities. Forex traders said the rupee is trading in a narrow range as investors remain cautious ahead of the BRICS summit and US Federal Reserve Chair Jerome Powell's speech at Jackson Hole Symposium this week.

At the interbank foreign exchange, the domestic unit opened at 83.02, then touched a high of 82.92 against the American currency, registering a rise of seven paise over its last close. On Tuesday, the rupee had recovered from its all-time low levels and settled higher by 14 paise at 82.99 against the US dollar.