Stock Market Today: Sensex, Nifty Trade Flat Amid Volatility. IT Index Rises

Stock update: On the 30-share Sensex platform, Bajaj Finance, Axis Bank, ICICI Bank, HDFC Bank, M&M, Bajaj Finserv were among the losers. TCS, PowerGrid, ITC, Titan, HCLTech, L&T emerged gainers

In the broader markets, the BSE Midcap rose 0.5 per cent, while the Smallcap advanced 0.3 per cent. ( Image Source :Getty )

The two key equity benchmarks, Sensex and Nifty, on Tuesday are trading flat amid volatility during early morning deals. At 10.15 am, the BSE Sensex was down 23 points to 72,767. On the other hand, the NSE Nifty50 was trading at 22,107, down 15 points.

On the 30-share Sensex platform, Bajaj Finance, Axis Bank, ICICI Bank, HDFC Bank, M&M, Bajaj Finserv were among the losers. On the flip side, TCS, PowerGrid, ITC, Titan, HCLTech, L&T emerged gainers. Among specific shares, Paytm stocks hit another 5 per cent upper circuit in intra-day deals after its founder Vijay Shekhar Sharma stepped down as part-time non-executive chairman of Paytm Payments Bank Limited (PPBL).

#ABPStockMarketWatch | Indian equity benchmarks Sensex and Nifty opened in the red, on Tuesday

At 09:27AM, #Sensex lost 114 points to open at 72,676 , and #Nifty lost 32 points to open at 22,090

Here's a look at the stocks in focus:#ABPLive #OpeningBell #MarketWatch pic.twitter.com/xnM2IRpdbk

— ABP LIVE (@abplive) February 27, 2024

In the broader markets, the BSE Midcap rose 0.5 per cent, while the Smallcap advanced 0.3 per cent.

Sectorwise, IT, realty, capital goods, and telecom rose 0.5 per cent each.

In the previous session on Monday, the S&P BSE Sensex closed 353 points lower at 72,790, while the Nifty50 settled at 22,122, down 91 points.

"Volatility is expected this week due to F&O contract expiry," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

In the Asian markets, Hang Seng and Taiwan were down 1 per cent each, while Nikkei, Kospi, and Straits Times quoted with losses of up to 0.5 per cent.

Brent Crude Oil futures moved back to $82 per barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 285.15 crore on Monday, according to exchange data.

Meanwhile, in the early trading session on Tuesday, the Indian rupee held steady at 82.88 against the US dollar, as investor confidence remained subdued amidst a lackluster performance in the equity market and the withdrawal of foreign funds.

Forex analysts noted that although there was some support from a weakening US dollar, this was offset by the rise in crude oil prices. Investors remained cautious, opting to wait for signals from both domestic and global macroeconomic indicators.

At the start of trading on the interbank foreign exchange, the Indian currency began at 82.87 before slipping marginally to 82.88 against the US dollar, mirroring the previous day's closing level. In the previous session, the rupee had managed a slight gain of 3 paise, closing at 82.88 against the US dollar.