Despite opening on a buoyant note and hitting fresh highs, the Indian stock market failed to hold gains and ended flat on Wednesday as traders chose to take profits at several counters amid a lack of fresh triggers.
The benchmark BSE Sensex, which climbed to a new all-time peak at 56,198.13, ended the day at 55,944.21, netting a loss of 14.77 points or 0.03 percent.
The National Stock Exchange’s Nifty rose to a new high of 16,712.45, but ended with a gain of just 10.05 points or 0.06 percent at 16,634.65 after briefly slipping into negative territory in the final hour.
A few top stocks from oil, technology, metal and FMCG closed on the positive side.
Hindustan Petroleum Corporation, Oil India, Gulf Oil, Castrol India and ONGC moved up 2.4 to 3.7 percent. Adani Total Gas Limited shares climbed 5 percent.
Welcorp, National Aluminium, Adani Enterprises, Hindalco, MOIL, Coal India, Vedanta and APL Apollo Tubes were the major gainers in the metal space.
In the Information technology section, Oracle Financial Services gained nearly 3 percent. L&T Infotech and Tata Consultancy Services climbed 2.1 percent and 1.5 percent, respectively. Infosys gained nearly 1 percent.
FMCG stocks Jubilant Foodworks and Godrej Consumer Products gained 3.4 percent and 3 percent, respectively. Varun Beverages gained 2.75 percent, while Dabur India and Britannia Industries closed higher by 1.2 percent and 1 percent, respectively.
Adani Ports and Special Economic Zone shares surged up 3.7 percent after the company said its proposal to acquire a 10.4% stake in Gangavarm Port from the Andhra Pradesh government has received approval from the Andhra Pradesh Maritime Board.
HDFC Life gained 2.6 percent. Tata Motors and Eicher Motors gained 1.7 percent and 1.1 percent, respectively.
Bajaj Finserv declined nearly 3 percent. Titan Industries shed about 2.2 percent, while Bharti Airtel, Maruti Suzuki, Dr Reddy’s Laboratories and Tata Steel declined 1 to 1.3 percent.
The market breadth was positive. On BSE, 1991 stocks closed higher, while 1214 stocks declined and 105 stocks ended flat.
Market Analysis
Sensex, Nifty Retreat After Posting New Highs, End Flat
2021-08-25 10:43:18
