Closing Bell: Sensex, Nifty end flat as weakness in Reliance Industries, Axis Bank drag frontline indices

Closing Bell: Indian markets ended flat on what was an uneventful Tuesday. Frontline Indices S&P BSE Sensex closed at 60,978.75, up by 37.08 points or 0.06 per cent while the broader market NSE Nifty50 retreated by nearly 14 points or 0.08 per cent from the Monday closing at 18,104.80. Banking gauge Nifty Bank settled at 42,720.70, down by 100.55 points or 0.23 per cent.

In the 50-stock Nifty50, 21 advanced against 29 declines. The top gainers were Tata Motors, Maruti Suzuki, Bajaj Auto, Britannia Industries and HCL Technologies while the top losers were Axis Bank, Hindalco Industries, Dr Reddy' Laboratories, Power Grid and SBI Life.

India VIX, a measure of volatility in Nifty was down 0.29 per cent at 13.66. 
 

Source: NSE

Source: NSE  

Out of 15 Nifty sectoral indices, 9 closed in the red with Nifty PSU Bank (-1.36 per cent) at the receiving end of the investor ire. It was followed by Nifty Healthcare Index (-1.03 per cent) and Nifty Realty (-1.01 per cent). The gainers were Nifty Auto (+1.28 per cent), Nifty IT (+0.77 per cent) and Nifty Media (+ 0.41 per cent).

The broader markets performed worse with Nifty Mid Cap 100 and Nifty Small Cap 100 ending with considerable gains. Nifty Mid cap 100 ended at 31,151.85, down by 121.95 points or 0.39 per cent. Advances were seen in 31 stocks, declines in 66 while three remained unchanged. The top gainers were Adani Wilmar, Sona BLW Precisions and Poonawalla FIncorp while the top losers were Tata Communications, Syngene and Delhivery.

Meanwhile, Nifty Small Cap 100 closed at 9,531.10, lower by 35.40 points or 0.37 per cent. 39 stocks gained while 61 declined. The top gainers were Route Mobile, PVR and Delta Corp while the biggest losers were Maharashtra Bank, RBL Bank and Redington. 

Earlier today, Maruti Suzuki and SBI Card announced their Q3 Results during market hours. The country's largest carmaker reported a more than two-fold jump in net profit to Rs 2,351.3 crore for the quarter ended December 2022 compared with the corresponding period a year ago, far exceeding analysts' estimates. The New Delhi-based auto manufacturer had reported a net profit of Rs 1,011.3 crore for the quarter ended December 2021. Revenue of the auto major expanded 24.9 per cent to Rs 29,044.3 crore, according to a regulatory filing. Meanwhile,  

SBI Cards and Payment Services — which issues credit cards under brand SBI Card — on Tuesday reported a net profit of Rs 509 crore for the quarter ended December 2022, up 32 per cent compared with the corresponding period a year ago, missing analysts' estimates. The SBI Card stock continued to reel under pressure after the earnings announcement. According to Zee Business research, SBI Card was estimated to report a quarterly net profit of Rs 595 crore.

Rupee today opened weak at 81.50 against the USD and gained for a brief period amid inflows to test 81.40, Anil Kumar Bhansali 
Head of Treasury at Finrex  Treasury Advisors LLP said. 

It finally settled at 81.70 (provisional) against US dollar, lower by 28 paise, PTI reported

"Oil companies seem to have again started buying dollars and keeping it well bid as also dollar index which has crossed 102 levels getting supported at 101.50. Brent oil was also below USD 88 to a barrel while Asian currencies  weakened a bit while Asian stocks closed higher but were weaker in Europe. Indian Indices were up 0.10 per cent," Bhanali said. He sees Rupee to be in a range of 81.40 to 82.10 on Wednesday as USD bounces back.

Gold futures hit their life time high breaching Rs 57,000 per 10 gram mark. 

"The Nifty had a gap up opening on January 24 and crossed the swing high of 18184 however couldn’t sustain in the higher territory. The hourly upper Bollinger Band has become flat & is keeping pressure on the higher side," Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas said.

"As a result, the Nifty stayed back into the brief consolidation mode. It is forming a base near the key hourly and 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 18260-18300 & head towards 18500. On the other hand, the level of 18000 will provide cushion on the downside," he said.  

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)