Closing Bell: Nifty, Sensex pare losses to end flat; oil & gas biggest loser, FMCG top gainer

The Indian market pared losses after correcting by more than one and half per cent in the morning trade to end with marginal cuts. Benchmarks Nifty 50 and Sensex ended lower by around 0.20% as they extended weakness to the third day.  

The broader Nifty50 fell 0.18% to close above 15,750, while the Sensex dropped over 100 points or 0.21% to end near 52,900-mark.  

Outperforming benchmarks, broader market indices Nifty midcap and smallcap gained around half per cent.  

Nifty oil & gas ended with around four per cent cut after the Commerce Ministry announced additional excise duty on petroleum products. However, all other Nifty sectoral indices made a recovery to settle in the green. The recovery was led by FMCG, Realty and Pharma stocks.  

Meanwhile, leading the FMCG pack, ITC gained over four per cent. Bajaj twins, Cipla, Britannia, Asian Paints, Hindustan Unilever, TCS and IndusInd Bank gained as the market recovered in the closing hours.  

ONGC fell over 14%, followed by heavyweight Reliance Industries, which declined around seven percent, stopping the market from marching ahead. Power Grid, Bajaj Auto, Bharti Airtel, NTPC and Maruti declined in a highly volatile market.