At the close of market hours, the Sensex was down 2.50 points or 0.01% at 35141.99, while the Nifty was down 6.20 points or 0.06% at 10576.30.
Equity benchmarks ended a largely rangebound session on a flat note, with the Nifty ending above 10,550-mark.
Despite a drop in global crude oil prices as well as a strengthening rupee, bulls were unable to cash in on from Tuesday’s momentum.
The market, however, began the day on a positive note, with the Sensex gaining over 100 points, while the Nifty raced past 10,600.
However, investors chose to book profits after the initial bounce, dragging the index to low points. But it was a close battle between bulls and bears which eventually ended flat.
A stronger rupee strained information technology stocks, which fell over 2 percent, while pharmceuticals were dragged by Sun Pharma’s poor Q2 show. Apart from them, automobiles were under pressure along with metal names.
Financials rallied during the session, which helped the market cut majority of losses.
At the close of market hours, the Sensex was down 2.50 points or 0.01% at 35141.99, while the Nifty was down 6.20 points or 0.06% at 10576.30. The market breadth was negative as 1,180 shares advanced, against a decline of 1,391 shares, while 138 shares were unchanged.
Maruti Suzuki, ONGC, HPCL and BPCL were the top gainers, while Sun Pharma, Kotak Mahindra, and Tech Mahindra lost the most.
Stocks in News
The falling crude oil prices have pushed the shares of oil marketing companies (OMCs), aviation and paint firms higher by up to 4 percent on November 14.
Shares of Ashok Leyland slipped 10 percent on the back of resignation of MD and CEO of the company.
SpiceJet, on Wednesday, posted a net loss of Rs 389.3 crore for the September quarter against a net profit of Rs 105.2 crore that the airline posted during the same quarter of last year. The stock, however, ended over 2 percent higher.
Automobile major, Mahindra and Mahindra, reported a net profit of Rs 1,778.75 crore for the September quarter. This implies a jump of 26 percent from the profit of Rs 1,410.86 crore posted during the same quarter of last year. The stock ended 2 percent lower.
Sun Pharma ended the day 7 percent lower on the back of surprise net loss in its results for September quarter.
Global markets
European stocks were lower after Italy defied the European Union's call to revise its spending targets while oil fell further. Stoxx 600 was down 0.67 percent with all major indexes in negative territory.
Asian markets were mostly lower on Wednesday as oil prices slipped further into negative territory. Hang Seng index was lower by 0.74 percent. The Shanghai composite shed 0.85 percent to close at around 2,632.24 while the Shenzhen composite declined by 0.401 percent to finish the trading day at about 1,378.36.
