Sensex, Nifty end flat as cautious investors await Fed cue
The 30-share BSE benchmark Sensex rose 90 points or 0.12% to settle at 72,102 and the broader NSE Nifty gained 22 points or 0.10% to end at 21,839, led by energy stocks. From the Sensex pack, Maruti, Nestle India, Power Grid, and SBI were the top gainers, rising 2-3%. ITC, Reliance Industries, and Kotak Bank also closed higher, while Tata Steel, Tata Motors, HDFC Bank, and HUL Closed in the red.
Ahead of the much-anticipated US Federal Reserve's interest rate decision and commentary later in the day, Indian equity indices treaded water on Wednesday, hovering around five-week lows hit in the previous session.The 30-share BSE benchmark rose 90 points or 0.12% to settle at 72,102 and the broader NSE gained 22 points or 0.10% to end at 21,839, led by energy stocks.
However, during the day's trade, both Nifty50 and Sensex witnessed a decline of up to 0.5%.
From the Sensex pack, , , , and SBI were the top gainers, rising 2-3%. , , and also closed higher, while , , , and Closed in the red.
The Fed is expected to keep rates unchanged when it meets after the closing bell on Wednesday. The focus will be on the commentary, as investors look for clues into the future rate trajectory in the United States. Markets expect a Fed rate cut in June.
Among the major sectoral indices, Nifty Metal experienced a decline of 0.8%, with Tata Steel leading the losses. Nifty Bank, Financial, IT, Pharma, and Consumer Durables sectors also closed in the red.
The broader, more domestically focussed small and midcaps closed flat.
Eicher Motors closed 4.3% higher after UBS upgraded the motorcycle maker's shares to ‘buy’ from ‘neutral’, and raised its price target citing likely gains from new Royal Enfield models and attractive valuations.
Source: Stocks-Markets-Economic Times
