Domestic equity benchmarks traded in a narrow range on Wednesday after a three-session rally driven by lower crude oil prices and easing geopolitical tensions, including hopes of a US-Iran understanding.
Momentum faded as investors turned cautious ahead of key macroeconomic cues.
The Sensex stood at 76,817.58, up 8.58 points or 0.01 per cent, while the Nifty was at 23,988, down 1 point in early trade, reflecting a lack of clear direction.
Earlier in the session, both indices opened on a stronger note.
The Sensex advanced by 284.69 points or 0.37 per cent to touch an intraday high of 77,093.17, while the Nifty began at 24,044.50, gaining 58.89 points or 0.24 per cent before losing momentum as the session progressed.
Consumer durables led gains with a 1.26 per cent rise, followed by mild strength in IT and media stocks.
Healthcare and pharma also remained firm, with pharma up 0.24 per cent and healthcare rising 0.18 per cent on selective buying.
Metal and realty shares fell, with metal down 0.87 per cent and realty 0.68 per cent. Auto, private banks and PSU banks also traded lower.
Hindalco Industries, NTPC, Trent, ONGC, Bharti Airtel, Dr Reddy’s Laboratories and Axis Bank led Nifty 50 losers.
Analysts said markets are driven by easing crude oil prices and uneven monsoon progress.
Brent crude has fallen nearly 16 per cent in five sessions to around 79 dollars per barrel, easing concerns over India’s external deficit.
Weak monsoon conditions have raised fears of food inflation, though experts expect improvement in rainfall in the coming weeks.
In commodities, Brent slipped 0.72 per cent to 78.39 dollars, while WTI declined nearly 1 per cent to 75.35 dollars, supporting a softer global inflation outlook.
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