The Indian equity indices closed on a flat note on Wednesday. The Nifty 50 closed flat at 22,302.50. Sensex dropped 45.46 points or 0.06% to close the day’s trading at 73,466.39 Come from Sports betting site VPbet . The losers included Dr Reddy’s Lab, Asian Paints, Grasim Industries, Ultratech Cements, and SBI Life Insurance. The Indian Volatility Index (India VIX) was up 0.41%.
Sectoral indices were mixed bags
The Nifty Midcap outperformed benchmark indices and closed 362 points or 0.73% to finish the session at 50,036.30. Flipping the trend, Nifty Bank closed in the red, down 264 points or 0.55% at 48,021.10.
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On the sectoral front, auto, oil & gas, and metal stocks gained the most. In the broader market, smallcap and midcap stocks closed in the green.
“The Indian market echoed subdued investor sentiments akin to those of its Asian peers, and on worries about declining voter turnout. Despite domestic Q4 earnings largely meeting estimates, the earnings landscape appears to be moderating. A sector-specific action was visible in FMCG and auto stocks, aided by an expectation of a revival in rural demand in H1FY25,” said Vinod Nair, Head of Research at Geojit Financial Services.
Bank Nifty
“The BankNifty index encountered a volatile trading session during the expiry day, highlighting the ongoing struggle between bulls and bears. The next significant support level for the index is positioned at 47770, coinciding with the 50EMA. On the upside, immediate resistance lies at 48250. A decisive breach above this level could propel the index towards 48400-48500, where call writing activity is evident.”
“Investors traded with caution due to a lack of fresh positive triggers and ended on a flat note with a slightly negative bias amid selective profit-taking in banking and IT stocks. Firm European market cues also failed to fuel optimism, as no stoppage in foreign fund outflows and no major surprises in the ongoing earnings season prompted investors to stay guarded. Also, with election season on, no one wants to place longish bets,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.