Stock Market Today: Sensex, Nifty Pare Gains; Trade Flat Amid Volatility. ITC Jumps 6 Per Cent

Stock update: On the 30-share Sensex platform, ITC, Nestle, ICICI Bank, Wipro, TCS, Kotak Bank were among the gainers

In the broader markets, the BSE Midcap and Smallcap indices were also trading flat.

Source : Getty

The two key equity benchmark, Sensex and Nifty, on Wednesday erased their opening gains and trading flat amid volatility. At 9.50 am, the BSE Sensex was marginally up 32 points, 73,700. On the other hand, the NSE Nifty50 was trading at 22,318, down 18 points.

On the 30-share Sensex platform, ITC, Nestle, ICICI Bank, Wipro, TCS, Kotak Bank were among the gainers. ITC jumped 6 per cent, leading gains on the Sensex after BAT said it would sell 3.5 per cent stake in the company through block deals. On the down side, PowerGrid, NTPC, Tata Steel, Tata Motors, Airtel, Axis Bank emerged losers.

Among specific stocks, Jet Airways hit the 5 per cent upper circuit after NCLAT approved the transfer of its ownership to Jalan-Kalrock Consortium.

#ABPStockMarketWatch | Sensex and Nifty, on Wednesday erased their opening gains and trading flat amid volatility

At 10:35 AM, #Sensex rose by 9 points to 73,677 & #Nifty dipped by 38 points to 22,298

Here's a look at the stocks in focus:#ABPLive #MarketWatch pic.twitter.com/x1ZqXu2kq6

— ABP LIVE (@abplive) March 13, 2024

In the broader markets, the BSE Midcap and Smallcap indices were also trading flat.

Sectorwise, Nifty Metal and Oil & Gas indices dropped 1 per cent each, while Nifty FMCG advanced over 1.5 per cent.

In the previous session on Tuesday, the BSE Sensex closed 165 points higher at 73,668, while the NSE Nifty50 closed flat at 22,336, with a minimal increase of 3 points.

India's industrial output growth tapered to 3.8 per cent in January, while February's retail inflation held steady at 5.09 per cent, marking the sixth consecutive month within the RBI’s comfort zone, as per the latest government figures.

In the Asian markets, Seoul and Hong Kong saw gains, whereas Tokyo and Shanghai experienced declines. On Tuesday, the US markets closed with significant increases.

According to exchange data, Foreign Institutional Investors (FIIs) snapped up equities worth Rs 73.12 crore on Tuesday.

The global oil benchmark, Brent crude, ascended by 0.50 per cent to $82.33 a barrel.

Simultaneously, the rupee weakened by 5 paise to 82.85 against the US dollar in early trading on Wednesday, influenced by the robust performance of the American currency in the international arena and soaring crude oil prices, which tempered investor confidence.

Forex analysts anticipate the rupee to sustain a marginal downtrend owing to the US dollar's resurgence and apprehensions regarding elevated crude oil rates. Nevertheless, a favourable sentiment in domestic markets could lend support to the rupee at lower thresholds.

In interbank foreign exchange, the rupee initiated trading at 82.82 against the dollar, touching an initial low of 82.85 against the greenback. On Tuesday, the rupee remained confined to a narrow band, concluding the day 5 paise weaker at 82.80 versus the US dollar.