Nifty Consolidates Ahead of Major Earnings
Benchmark indices, the Nifty 50 and the Sensex, ended relatively flat, marking their second consecutive day of gains. The Nifty 50 closed 0.06% higher at 25,212, while the Sensex ended 63 points higher at 82,634.
The top gainers leading Nifty’s advance were Wipro and Mahindra & Mahindra. The Nifty Midcap 150 closed flat but extended its winning streak to three consecutive days, along with the Nifty Smallcap 250.
PSU Bank Sector Leads the Pack
Nifty PSU Bank emerged as the top gainer, climbing over 1% for the day. PNB and Punjab & Sind Bank were the top performers within the PSU Bank sector.
Ongoing Q1 Results to Shape Market Sentiment
As Q1 results continue to move the markets, there are a few names that are set to post their results today. With several major corporate actions and earnings updates expected to shape market sentiment, investors and traders would do well to stay informed.
Rupee Weakness Weighs on Investor Sentiment
The Indian rupee depreciated by 13 paise against the US dollar to close at 85.94. With the rupee being the third-worst performer in Asia, according to Bloomberg, its weakness may continue to weigh on investor sentiment.
India Volatility Index Falls
The India volatility index fell by about 2% after the markets saw stable levels through the day. This decline in volatility could be attributed to the stable performance of the Nifty and Sensex.
Stock-specific Moves to Watch
Names like Mahindra and Mahindra, Wipro, and SBI were leading gains in the index. Nestle and Tech Mahindra were also trading in the green. On the other hand, Shriram Finance marked the deepest losses in the lot, dragging the index down as it was down 2.05%. Names like Eternal, Sun Pharma, and Tata Steel were also pulling the index down along with JSW Steel.
Market Recap
In summary, the Indian stock market witnessed a mixed trading session with Nifty and Sensex ending relatively flat. The PSU Bank sector led the pack, while major sectoral indices including Nifty FMCG rose for the third consecutive day. As investors and traders look ahead to the ongoing Q1 results, they would do well to stay informed about the latest market developments.
