In a volatile trade, the benchmark domestic index Sensex and Nifty closed flat on Wednesday as investors stayed on the sidelines ahead of the Reserve Bank of India’s interest rate decision on Thursday.
The 30-share BSE Sensex fell 34.09 points or 0.05 percent to settle at 72,152 at the close. During the day, it hit a high of 72,559.21 and a low of 71,938.22.
On the other hand, Nifty increased marginally by 1.10 points or 0.01 percent to 21,930.50.
IT shares TCS, Infosys, and Tech Mahindra fell due to profit-taking offsetting gains from select banking and Pharma shares.
Experts said that the domestic market showed cautious range-bound movement, despite robust PMI data and favorable global cues. While no change is expected, the RBI’s decision on potential rate cuts and improvements in liquidity will be closely monitored.
Among the Sensex firms, State Bank of India rose the most by 3.78 percent following the Bank’s announcement of the acquisition of SBI caps subsidiary for Rs 708.07 crore.
Nestle India gained 1.68 percent after it reported around 9 percent growth in sales while JSW Steel, Bajaj Finance, Axis Bank, and Asian Paints were among the gainers. However, Tech Mahindra, Power Grid, Infosys, Tata Consultancy Services, HDFC Bank, Wipro, Larsen & Toubro and NTPC were among the laggards.
In the currency trade, the Rupee rose 2 paise to 83.03 against the US dollar in early trade on Wednesday. The weakness in American currency also dominated the sentiments. At the Interbank Foreign Exchange, the rupee opened at 83.03 against the dollar, thereby recording a gain of 2 paise over its previous close.
Meanwhile, Gold and Silver traded lower in the Multi-Commodity Exchange (MCX) on Wednesday. Gold futures, maturing on April 5, 2024, stood at 62,522 per ten grams on the MCX, after recording a marginal dip of Rs 84 or 0.13 per cent. The previous close was at Rs 62,574.
Silver futures, maturing on March 5, 2024, witnessed a dip of Rs 194 or 0.27 percent and were trading at Rs 70,448 per Kg on the MCX against the previous close of Rs 70,594.
