FINAL TRADE: Indices end flat paring early trade gains; Sensex at 65,087.25; Nifty above 19,340

Stock market today: The Indian share market settled flat after rallying in early morning trade. Selling pressure was seen in banking, financial services, and oil and gas stocks.

At close, both indices were flat, up 0.02 per cent. The S&P BSE Sensex ended 11.43 points higher at 65,087.25, and the NSE Nifty closed at 19,347.45, up 4.80 points.

In the Nifty 50 basket, 21 stocks declined and 30 advanced. Conversely, in the broader market, the Nifty Mid Cap 100 and Small Cap 100 ended strong.

On the sectoral front, Nifty Bank slipped 0.59 per cent to settle at 44,232.60 levels.

TECHNICAL VIEW 

"Overall, we shall continue to maintain our negative outlook on the index for the target of 19,100. In terms of levels, 19,250 – 19,220 is the crucial support zone while 19,420 – 19,450 shall act as an immediate hurdle zone," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas 

Gedia added that the pullback rally in Bank Nifty has fizzled out at the 44,800–44,900 zone where resistance in the form of the 78.6% Fibonacci retracement level (44780) of the fall from 44,950–43,984 was placed. The daily and the hourly momentum indicators provide divergent signals, and hence a consolidation is likely. It has decisively closed below the 20- and 40-day moving averages, which is a sign of weakness. Overall, we expect the bank Nifty to trade with a negative bias for targets of 43,600–43,500.

NIFTY STOCKS 

Jio Financial Services, Tata Steel, Maruti Suzuki, M&M, and Eicher Motors were the major winners. On the flip side, Power Grid, BPCL, Hero MotoCorp, Dr Reddy's Laboratories, and SBI were the top laggards.

BUZZING STOCKS 

Zomato shares were up over 5 per cent after 10 crore shares changed hands through a block deal. 

SBFC Finance shares were up over 3 per cent a day after the company posted its Q1 results. 

Gokaldas Export continued the previous day's rally and ended over 18 per cent higher. 

Escorts Kubota Ltd was up over 7 per cent after the company denied the news of selling the railway business. 

GLOBAL MARKETS 

Asian shares rose Wednesday, boosted by a Wall Street rally that came on positive reports on consumer confidence and job openings.

Japan's benchmark Nikkei 225 added 0.3 per cent in afternoon trading to 32,312.75. South Korea's Kospi rose 0.4 per cent to 2,563.37.

Hong Kong's Hang Seng gained 0.5 cent to 18,574.12, while the Shanghai Composite inched up 0.1 cent to 3,139.28.

Australia's S and P/ASX 200 jumped 1.2 per cent to 7,297.70 after the Australian Bureau of Statistics reported the monthly Consumer Price Index indicator rose 4.9 per cent in the 12 months to July.

That was lower than the expected 5.2 per cent, marking the first time since February 2022 that the indicator fell below 5 per cent.

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