Business News | Stock Market Ends Nearly Flat, Surrenders Early Gains
Get latest articles and stories on Business at LatestLY. At the time of closing, Sensex ended 27 points, or 0.03%, lower at 82,248.61, while the Nifty 50 was up by 14 points, or 0.06%, to settle at 25,496.55. The benchmark Nifty 50 index opened at 25,560.40, gaining 77.90 points or 0.31 per cent, while the BSE Sensex opened at 82,534.15, rising 258.08 points or 0.31 per cent.
Mumbai (Maharashtra) [India], February 26 (ANI): Domestic benchmark indices on Thursday ended nearly flat amid profit booking in select heavyweights, and mixed global cues.
At the time of closing, Sensex ended 27 points, or 0.03%, lower at 82,248.61, while the Nifty 50 was up by 14 points, or 0.06%, to settle at 25,496.55.
The benchmark Nifty 50 index opened at 25,560.40, gaining 77.90 points or 0.31 per cent, while the BSE Sensex opened at 82,534.15, rising 258.08 points or 0.31 per cent.
Among the sectors, the gainers were PSU Banks, auto, pharma, oil & gas, telecom and metal.
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Vinod Nair, Head of Research, Geojit Investments Limited said, "The domestic market surrendered its early gains amid mixed global cues and increased caution ahead of the US-Iran nuclear talks, as well as key data releases including US initial jobless claims and India's GDP print, which triggered profit booking. As the session progressed, investors rotated towards non-cyclical pockets such as pharma and healthcare, while defence stocks gained on optimism over potential India-Israel tech-transfer initiatives."
"Sentiment recovered in late trade following reports of meetings between Indian and US commerce officials, which rekindled hopes of progress in bilateral trade negotiations and made the market close flat," he said.
Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities said, "the benchmark index Nifty traded within a narrow intraday band of 172 points, reflecting a day dominated by subdued volatility and cautious sentiment. For most of the session, the index hovered close to the day's low, indicating persistent pressure from the bears."
"However, during the final hour of trade, Nifty experienced a modest recovery, staging a mild pullback from lower levels. By the closing bell, the index ended virtually unchanged, forming a small-bodied candle with a pronounced lower shadow, suggesting buying interest emerging near support zones," Shah said.
"In today's session, within the Nifty constituents, Tata Motors Passenger Vehicles and Eicher Motors emerged as the top performers, showcasing relative strength compared to the broader market. On the flip side, Trent and Eternal were the major laggards, dragging down the index. Sector-wise, Nifty Healthcare and Nifty Pharma led the gains, supported by renewed buying interest in defensives. Meanwhile, Nifty Media and Nifty FMCG underperformed, closing as the weakest sectoral indices for the day."
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP said, "Rupee traded with minor gains near 90.88 as market participants remained cautious amid uncertainty around US Iran talks. Any signs of rise in the conflict between Iran USA can result panic. Rupee remains range-bound with support seen near 91.25 and resistance around 90.50, awaiting clearer direction from global trade developments, Geo-polititcal issues and dollar index movement." (ANI)
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