With the metal and financial stocks dragging the Indian market most, the benchmark indices recovered almost all their intraday losses, eventually ending flat with negative bias. The Sensex slipped 80 points to end above the 60350-level, while the Nifty50 held the key mark of 18000 for the third straight session.

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Broader markets that were trading mixed intraday also concluded in the red, as mid-cap fell by around 0.5 per cent and small-cap ended flat with negative bias today. The Nifty Bank, a key driver of the Nifty index, dragged the benchmark most by falling around 1 per cent at the close today.

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The loan evergreening issue of IndusInd Bank loomed on Wednesday, aiding the decline in the share price of the bank by over 3 per cent, similarly, the metal stocks such as Hindalco, Tata Steel, and JSW Steel also slipped most between 2-3.5 per cent at the market close.

Of 50 scrips on the Nifty, 22 advanced and 27 declined, while one remained unchanged at the market close today. UPL, Bharti Airtel, and M&M closed around 3 per cent, followed by Britannia up 2 per cent at the market close today.

Mid-cap companies such as Bank of Baroda and Oil India reported a double-digit growth almost on all fronts in the second quarter results for the financial year 2021-22. The former fell over 5 per cent as net interest margins of the bank came below expectations, while the latter ended flat.

Similarly, FSN E-Commerce Ventures-backed Nykaa reported over 96 per cent gains from its issue price of Rs 1105 per share on the bumper listing debut on Wednesday. While the biggest IPO of Rs 18300 crore in a decade of One-97 Communications-backed Paytm fully subscribed on the last day.

While other two live IPOs, Sapphire Foods has been subscribed to 90 per cent on the second bidding day today and Latent View Analytics was subscribed 5 times so far on the first day today.

On the technical front, Vijay Dhanotiya, Senior Research Analyst at CapitalVia Global Research Limited said, “Market suggests that sustaining above 18000 will be an important level for the market to stay positive in the short term. If the market is able to sustain the level of 18000, It can witness a positive momentum in the market which can lead to the higher levels near 18250.”

Similarly, another technical analyst Rohit Singre of LKP Securities pointed out, “The index has formed a support zone around 17970-17920 zone and if it manages to hold above-said levels we may see some swift bounce incoming session but if failed to hold then we may see more drag.”

“The levels such as 17700-17600 are dip supports for index and good hurdle for Nifty is formed near 18100-18200 zone overall range is still in coming in between 17600-18300 zone,” he added.

Meanwhile, Vinod Nair Research Head at Geojit Financial Services mentioned, “Broadly, domestic market continued to trade negatively as inflation worries affected the global markets. However, the market trend was mixed on stock-to-stock basis. Globally investors are awaiting the release of the US inflation data due later today, which is expected to continue at peak levels.”