Business

Indian Equity Markets Trade Flat Amid Mixed Global Cues

Indian equity markets displayed a flat trend on Wednesday, responding to mixed signals from global markets.

As of 9:55 a.m., the BSE Sensex rose by 21 points, or 0.02%, reaching 84,935, while the Nifty 50 index dipped by 4 points, or 0.02%, to 25,934.

Initially, market sentiment leaned positive, with 1,170 shares advancing and 1,155 declining on the National Stock Exchange (NSE). However, midcap and smallcap stocks exhibited a mixed performance. The Nifty midcap 100 index fell by 200 points, or 0.33%, to 60,650, while the Nifty smallcap 100 index gained 34 points, or 0.18%, to 19,473.

Among sectoral indices, financial services, pharmaceuticals, metals, media, energy, and infrastructure saw significant gains, while IT, PSU banks, FMCG, real estate, and consumption sectors faced losses.

Also Read: Indian Economy Set For 7.1% Growth In FY25, Moody’s Projects

Notable gainers in the Sensex included Power Grid, M&M, HDFC Bank, Maruti Suzuki, Tata Steel, ICICI Bank, L&T, and UltraTech Cement. Conversely, Tech Mahindra, Asian Paints, HCL Tech, Wipro, JSW Steel, HUL, Tata Motors, and TCS were among the top losers.

Asian markets showed mixed trading patterns, with Tokyo, Shanghai, Hong Kong, and Bangkok in positive territory, while Seoul and Jakarta traded in the red. US markets closed higher on Tuesday, contributing to the varied global sentiment.

Market experts noted that recent Chinese monetary stimulus measures positively impacted Chinese and Hong Kong markets. “If the rally continues, it’s possible that foreign institutional investors (FIIs) will allocate more funds to these markets, which appear attractive on valuations. In India, metal stocks rallied in response to the Chinese stimulus,” they commented.

They also highlighted that domestic liquidity continues to be a driving force for the Indian market’s resilience. “For the Nifty to decisively surpass and sustain above 26,000, it must be led by the Bank Nifty, which shows more potential,” they added.

On September 24, FIIs sold equities worth Rs 2,784 crore, while domestic institutional investors continued their buying spree, acquiring equities worth Rs 3,868 crore on the same day.

Richa Kaushik

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