Indian shares lacked direction on Wednesday in the lead up to the key US inflation data on Thursday with both bulls and bears failing to make a headway. Equity indices closed flat in a highly volatile session. Gains of banking, financial and IT stock were offset by Reliance, Bharti Airtel and HUL.
The Nifty50 index ended 18 points or 0.10% lower at 17,896, while S&P BSE Sensex fell 10 points or 0.02% to settle at 60,105.
From the Sensex pack, Bharti Airtel and HUL were the top losers, falling over 2%. Titan, Reliance, Nestle, IndusInd Bank, Bajaj Finserv and NTPC also closed lower. On the other hand, Sun Pharma, UltraTech Cement, L&T, TCS, HDFC Bank and Tata Motors closed with gains.
Sector-wise, the Nifty FMCG fell 1.13% and Nifty Healthcare declined 0.81%. Bank, financial, metal and IT stocks closed higher. In the broader market, Nifty Midcap50 ended flat and Smallcap50 surged 0.22%.
Asian equities edged higher on Wednesday, while the dollar steadied as investors braced for US inflation data that will influence the Federal Reserve’s interest rate policy.
MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.28% higher, while Japan’s Nikkei gained 1%. Australia’s S&P/ASX 200 index rose 0.80%.
The Indian rupee advanced against the dollar on Wednesday, helped by increased speculative activity after the local currency moved above key technical levels.
Mr Rupak De of LKP Securities said the market sentiment remains negative as Nifty has fallen below the crucial short term moving average at 50 EMA.
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