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Benchmark indices ended flat on Wednesday, with trading remain lacklustre, as investors await the outcome of the crucial Federal Open Market Committee (FOMC) meeting later today.
Market, after opening on a flat note, moved in a narrow range through the day as investors remained cautious ahead of the FOMC meeting outcome. Auto and metals gained through the day while indices were dragged by losses in heavyweights such as the HDFC twins.
The BSE Sensex closed at 58,927.33, down 77.94 points or 0.13 per cent. It hit an intraday high of 59,178.44 and a low of 58,878.38. The Nifty 50 closed at 17,546.65, down 15.35 points or 0.09 per cent. It hit an intraday high of 17,610.45 and a low of 17,524.00.
Breadth turns positive
The breadth of the market turned positive as 2,099 stocks advanced on the BSE, as compared to 1,140 stocks that declined, while 164 remained unchanged. Furthermore, 357 stocks hit the upper circuit as compared to the 159 stocks that were locked in the lower circuit. Besides, 222 stocks touched a 52-week high and 18 touched a 52-week low.
Coal India, Tech Mahindra, Hindalco, Tata Motors and Mahindra & Mahindra were the top gainers on the Nifty 50 while Nestle India, HDFC, ICICI Bank, ONGC and HDFC Bank were the top losers.
Vinod Nair, Head of Research at Geojit Financial Services, said, “Despite hopeful signs in the global markets, domestic main indices traded in a narrow range.
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“However, the broad market was robust, barring banks; all major sectors were in demand and media, metals and realty outperformed. Realty stocks were in focus owing to an increase in property registrations in September, while easing jitters over the Chinese economy bolstered metal stocks. Investors traded cautiously, awaiting the outcome of the FOMC meeting, which will clear the air regarding the Fed’s tapering plans.”
Realty, media indices zoom
On the sectoral front, a majority of the indices closed in the green. Nifty Realty and Nifty Media zoomed 8.45 per cent and 13.57 per cent, respectively.
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Nifty Media gained on the back of gains in Zee Entertainment Ltd. The company’s shares surged 31 per cent after the announcement of a merger with Sony Pictures.
Metals and auto also gained while financials and FMCG faced pressure.
Nifty Metal was up 1.47 per cent while Nifty Auto was up 1.27 per cent at closing.
Meanwhile, Nifty Bank and Nifty Financial Services were down 0.78 per cent and 0.86 per cent, respectively. Nifty Private Bank was down 0.68 per cent while Nifty FMCG was down 0.27 per cent.
Broader indices
Broader indices closed in the green, outperforming the benchmarks.
Nifty Midcap 50 was up 2.74 per cent at closing while Nifty Smallcap 50 was up 1.14 per cent. The S&P BSE Midcap was up 1.51 per cent while the S&P BSE Smallcap was up 1.19 per cent.
The volatility index softened 0.16 per cent to 16.49.