Markets end almost flat in muted trade

From the Sensex pack, ITC, Mahindra & Mahindra, Wipro, Larsen & Toubro, Axis Bank, Tata Steel, Maruti and Bharti Airtel were the major gainers.

Published: 22nd August 2023 04:21 PM  |   Last Updated: 22nd August 2023 04:21 PM   |  A+A-

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MUMBAI: Equity benchmark indices Sensex and Nifty ended almost flat on Tuesday as investors booked profits amid concerns over potential rate hikes in the US and persistent foreign fund outflows.

The BSE gauge eked out a marginal gain of 3.94 points or 0.01 per cent to settle at 65,220.03.

During the day, it climbed 146.82 points or 0.22 per cent to 65,362.91.

The NSE Nifty inched up 2.85 points or 0.01 per cent to settle at 19,396.45.

From the Sensex pack, ITC, Mahindra & Mahindra, Wipro, Larsen & Toubro, Axis Bank, Tata Steel, Maruti and Bharti Airtel were the major gainers.

Jio Financial Services, Bajaj Finserv, State Bank of India, ICICI Bank, Tata Consultancy Services, HDFC Bank, Tech Mahindra and UltraTech Cement were among the laggards.

Shares of Jio Financial Services, the demerged financial services unit of Reliance Industries, listed on the bourses on Monday.

With the company's listing, BSE Sensex and NSE Nifty added Jio Financial Services to their pack.

This has been done to ensure price stability and limit volatility in shares of Reliance Industries as part of the revised methodology of the exchanges to treat demergers.

The newly listed entity would be removed from the indices on the third day of its listing.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the green.

European markets were trading with gains.

The US markets ended mostly in the positive territory on Monday.

"Despite the support of positive international markets, Indian equities struggled to maintain their upward momentum due to lingering apprehensions over ongoing global uncertainties.

Sectors closely tied to the Western economy, such as IT and pharma, faced challenges, while domestic-oriented sectors, alongside mid and small-caps, exhibited resilience and gained traction.

"The influence of higher bond yields and concerns about potential rate hikes in the US is prompting FIIs to withdraw funds from the domestic market, contributing to the market's volatility," said Vinod Nair, Head of Research at Geojit Financial Services.

Global oil benchmark Brent crude declined 0.18 per cent to USD 84.31 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,901.10 crore on Monday, according to exchange data.

The BSE benchmark had climbed 267.43 points or 0.41 per cent to settle at 65,216.09 on Monday.

The Nifty gained 83.45 points or 0.43 per cent to end at 19,393.60.

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