Sensex, Nifty50 end flat in a wobbly trade; Tata Motors, Maruti surge 3%

CLOSING BELL: Broader markets, too, turned tepid as Nifty MidCap 100 and Nifty SmallCap 100 indices declined up to 0.3 per cent

An index of 100 mid-cap stocks has surged 32% year-to-date, while a similar measure of small-cap names has rallied 43%. (Photo: Bloomberg)

CLOSING BELL

Domestic equity markets closed flat in Tuesday's trade, despite strong global sentiments, and healthy early Q3 results.

Key indices Nifty50 closed flat at 18,118 levels, whereas the S&P BSE Sensex closed at 60,978 levels, up 37-odd points or 0.06 per cent. Throughout the day, the benchmark index the S&P BSE Sensex, however, soared over 300 points to a high of 61,266 and low of 60,849, down 92 points, while Nifty50 hit day's high and low of 18,201, and 18,078, respectively.

Broader markets, too, turned tepid as Nifty MidCap 100 and Nifty SmallCap 100 indices declined up to 0.3 per cent. Volatility gauge, India VIX, gained marginally to 0.2 per cent.

Sectorally, Nifty Auto index was the best sectoral performer as it gained 1.2 per cent. Nifty PSU Bank and Nifty Realty indices, on the contrary, was the worst sectoral performer as it tanked up to 1.3 per cent.

Among individual stocks, Tata Motors traded higher for the third straight day as shares surged 4 per cent, amid heavy volumes ahead of Jaguar Land Rover (JLR) third quarter results. READ MORE

Besides, shares of Axis Bank slipped 2 per cent, on profit booking, after the bank reported 62 per cent year-on-year (YoY) jump in standalone net profit to Rs 5,853 crore for Q3FY23. READ MORE

GLOBAL CHECK

After a solid start to this week, stock futures tied to Wall Street turned negative in Tuesday's trade. Dow Jones Futures, the S&P 500 Futures, and NASDAQ Futures slipped up to 0.1 per cent.

European markets, meanwhile, reflected mixed trends this noon with CAC 40 index and Stoxx 600 hovering in the positive zone.

4:12 PM

NIFTY VIEW: Index may surpass key hurdle zone of 18,260-18,300 to head towards 18,500

The Nifty had a gap up opening on January 24 & crossed the swing high of 18,184 however couldn’t sustain in the higher territory.

The hourly upper Bollinger Band has become flat & is keeping pressure on the higher side. As a result, the 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.

Views by Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas

4:10 PM

CLOSING VIEW: Selling pressure in banking shares anchors market

Mirroring robust global peers, the domestic market extended previous gains driven by auto stocks. However, 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 majors. Hopes of a soft landing of the US economy along with the anticipation of a lesser rate hike boosted global bourses.

Views by Vinod Nair, Head of Research at Geojit Financial Services.

4:08 PM