Home NewsStock Market News Reliance share price: Sensex, Nifty end flat due to losses in Reliance & banking stocks

Reliance share price: Sensex, Nifty end flat due to losses in Reliance & banking stocks

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Reliance share price: Sensex, Nifty end flat due to losses in Reliance & banking stocks

Positive global cues failed to impress investors in India as equity indices closed flat on Tuesday. Gains in auto and IT stocks were offset by the losses in index heavyweight and banking stocks.

The BSE Sensex index ended 37 points or 0.06% higher at 60,979, while Nifty50 closed at 18,118.

From the Sensex pack,

and were the top gainers, rising over 3%. , , HDFC, , and TCS also closed with gains.

On the other hand, following the Q3 results,

ended 2.4% lower. , L&T, , and also closed with cuts.

Sector-wise, Nifty Auto rose 1.28% and Nifty IT surged 0.77%. Whereas, Nifty PSU Banks and Nifty Pharma closed lower. In the broader market, Nifty Midcap50 fell 0.63% and Smallcap50 declined 0.20%.

Experts View

“Due to selling pressure in banking shares, the indices anchored close to the flatline. Auto stocks were in focus prior to the earnings results of the sector major. Hopes of a soft landing of the US economy along with the anticipation of a lesser rate hike boosted global bourses,” said Vinod Nair, Head of Research at .Nifty stayed back into the brief consolidation mode. “It is forming a base near the key hourly & the daily moving averages. On the daily chart, the index is forming higher top higher bottom & is expected to see upward trajectory. In the short term, the Nifty is expected to surpass the key hurdle zone of 18,260-18,300 & head towards 18,500. On the other hand, the level of 18,000 will provide cushion on the downside, said Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by .Global MarketsStocks were higher in Asia on Tuesday after a tech-led rally on Wall Street as investors bet the Federal Reserve will trim its rate hikes to tamp down inflation. Many markets in t The region were closed for the Lunar New Year holidays.

Tokyo’s Nikkei 225 index gained 1.5% to 27,299. Australia’s S&P/ASX 200 rose 0.4% to 7,490, while the SET in Bangkok was up 0.3%.

Britain’s FTSE 100 was down 0.4%, underperforming the broader European market, and domestically-focussed mid caps gave up early gains after the PMI data to trade near flat.

Currency Watch The rupee weakened 0.41% versus the US dollar, and quoted at 81.72 per dollar amid mixed cues from Asian markets, briefly falling past a key milestone to 81.75 per dollar.

Crude Impact Oil largely held onto recent gains from optimism around China’s reopening. Brent crude was down 0.19%, to $88.02, while West Texas Intermediate (WTI) US crude fell 0.12% to $81.54 a barrel.

(With inputs from agencies)

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