Stock Market Trims Early Losses: Sensex And Nifty Trade Flat. Power, Pharma Stocks Rise

Stock update: On the 30-share Sensex platform, ICICI Bank, HDFC twins, M&M, Tata Motors, Tata Steel, Reliance were among the prime losers

In the broader markets, Nifty Smallcap 100 index gained marginally over Nifty Midcap 100 index.

Source : Getty

The two key equity benchmarks, Sensex and Nifty, on Wednesday were trading flat tracking subdued global cues. The two domestic indices that opened lower, however, recouped some of their losses, amid volatility

At 9.50 am, the BSE Sensex was down 24 points to 61,957. On the other hand, the NSE Nifty50 was trading at 18,336, down 11 points.

On the 30-share Sensex platform, ICICI Bank, HDFC twins, M&M, Tata Motors, Tata Steel, Reliance were among the prime losers. On the flipside, Kotak Bank, TechM, Maruti, PowerGrid, ITC, Bajaj Finance emerged winners.

#ABPLiveStockMarketWatch | Sensex and Nifty on Wednesday recouped early losses amid volatility

At 10:06 AM, #Sensex gained 54 points to 62,036 & #Nifty went up 11 points to 18,359

Here's a look at the stocks in focus:#ABPLive #MarketWatch pic.twitter.com/VtFHwmj6li

— ABP LIVE (@abplive) May 24, 2023

Among individual stocks, shares of Shree Cement declined over 3 per cent after the company reported 20 per cent year-on-year (YoY) drop in consolidated net profit in Q4FY23. Shares of EIH gained over 1 per cent after Oberoi Group firm logged a 460 per cent YoY leap in its consolidated net profit for the quarter ended March.

In the broader markets, Nifty Smallcap 100 index gained marginally over Nifty Midcap 100 index.

Sectorwise, power index up 1 per cent, while pharma, oil & gas up 0.5 per cent each. Nifty Bank and Nifty IT indices, on the contrary, were subdued in trade.

In the previous session on Tuesday, the S&P BSE Sensex closed 18 points higher at 61,982. On the other hand, the Nifty50, settled at 18,348, up 34 points.

"The US debt ceiling impasse continues to affect markets. Since failure to reach a resolution will have catastrophic consequences for the global economy and markets, a resolution of the crisis at the eleventh hour is the most likely scenario. But markets will be on tenterhooks till then," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading lower. The US market ended in the negative territory on Tuesday.

Market participants are waiting for the release of the FOMC meeting minutes, scheduled for Wednesday.

Global oil benchmark Brent crude climbed 0.91 per cent to $77.54 a barrel.

Foreign Institutional Investors (FIIs) were buyers on Tuesday as they bought equities worth Rs 182.51 crore, according to exchange data.

The rupee gained 8 paise to 82.77 against the US dollar in early trade on Wednesday supported by foreign fund inflows. Forex traders said the rupee is trading in a narrow range as investors are awaiting cues from the minutes of the US Fed's May meeting, due later in the day. Moreover, strength of the greenback is restricting the appreciating bias.

At the interbank foreign exchange, the domestic unit opened at 82.83 against the dollar and then rose to 82.77, registering a gain of 8 paise over its previous close. On Tuesday, the rupee closed at 82.85 against the US currency.