Stock Market Closes Flat: Sensex Up 11 Points, Nifty Below 19,400. Banks Drag The Rally

Stock Market Update: On the 30-share Sensex platform, JioFin, Tata Steel, M&M, Maruti emerged as top gainers. On the flipside, Power Grid, SBI, ICICI Bank, HDFC Bank were among the top losers.

In the broader market, the BSE MidCap and SmallCap indices continued to surpass their large-cap peers with up to 0.8 per cent gains.

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The equity markets closed with marginal gains after a range-bound session on Wednesday, a day before monthly F&O expiry. The key benchmark indices were supported by metal, IT, and specific auto stocks. A fag-end sell-off in banking stocks reducted the gains. The S&P BSE Sensex closed at 65,087, up 11 points or 0.02 per cent. On the other hand, the Nifty concluded the session at 19,347, up 5 points or 0.02 per cent.

On the 30-share Sensex platform, Jio Financial Services (up 5 per cent), Tata Steel, Mahindra & Mahindra, Maruti Suzuki, Infosys, and HCL Tech emerged as top gainers. On the flipside, Power Grid, SBI, ICICI Bank, HDFC Bank, IndusInd Bank, and NTPC were among the top losers.

Leading the gainers on Nifty were Jio Financial Services (up 5 per cent), Tata Steel, Maruti Suzuki, M&M, Eicher Motors, and Infosys. On the other hand, Power Grid Corporation, SBI, BPCL, Dr. Reddy's Laboratories, and Hero MotoCorp were the major losers, declining over 1.4 per cent.

In the broader market, the BSE MidCap and SmallCap indices continued to surpass their large-cap peers with up to 0.8 per cent gains.

Sectorwise, the Nifty Realty index saw a 1 per cent increase, while Nifty Auto, Nifty FMCG, Nifty IT, and Nifty Metal rose by 0.5 per cent each. On the other hand, power, oil & gas, and bank indices declined by 0.5 per cent each.

In the previous session on Tuesday, the S&P BSE Sensex closed at 65,076 levels, edging up by 79 points or 0.12 per cent. On the other hand, the Nifty closed at 19,343, with an increase of 37 points or 0.19 per cent.

In Asian markets, Seoul, Tokyo, and Shanghai ended with marginal gains. Hong Kong's Hang Seng declined 0.01 per cent, while Tokyos's Nikkei 225 gained 0.33 per cent. STI index was down 0.13 per cent.

European markets were trading in the red. The UK stock futures slipped up to 1 per cent, while the US stocks (Dow Jones, S&P 500, Nasdaqe) sliped up to 0.2 per cent. 

The rupee also ended flat at 82.74 per dollar on Wednesday versus the previous close of 82.70. Starting at 82.67, the domestic unit began higher in the interbank foreign exchange due to the US dollar's losses against major global currencies in the previous session. Throughout the day's trading, the rupee fluctuated between a high of 82.66 and a low of 82.81.

In the meantime, the dollar index, which measures the strength of the US dollar against six other currencies, experienced a slight decrease of 0.03 per cent, trading at 103.50. This shift followed US data indicating a cooling labor market, potentially leading to the US Federal Reserve considering interest rate adjustments.

The global oil benchmark, Brent crude futures, recorded a 0.56 per cent increase, reaching $85.97 per barrel.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Tuesday as they bought shares worth Rs 61 crore, according to exchange data.