Sensex, Nifty end flat amid volatility

Our Bureau 
Chennai April 3 2024

BULL RUN CONTINUES. Small- and mid-cap stocks regain momentum as investors’ interest is back

CLSA UPGRADE. The BSE IT sector rose 0.78 per cent, thanks to global investment advisory firm CLSA upgrading major stocks such as TCS, HCL Tech and Tech Mahindra. TCS jumped 1.67 per cent to X3,947.25

Benchmark indices Sensex and Nifty, which opened on negative note tracking global markets, especially the US, ended flat on Wednesday. The 30-share BSE Sensex declined by 27.09 points to close at 73,876.82, recovering from day’s low of 73,757.23. The broader NSE Nifty edged down 18.65 points However, mid- and smallcap stocks continued to attract buying interest. 

The BSE MidCap rose 0.63 per cent and the BSE Smallcap index surged 1.19 per cent. Despite heavy selling by foreign portfolio investors, the market remained steady. FPIs were sellers to the tune 0f32,213.56 crore. Siddhartha Khemka, Head Retail Research, Motilal Oswal Financial Services Ltd, said: 

“Markets are trading with caution ahead of the RBI policy meeting and key macro data to be released in the US and Europe. Also, US Fed Chair Powell’s speech will be keenly watched. We expect the market to consolidate over the next few days until the events unfold.”

GAINERS & LAGGARDS 

While index heavy weights Reliance, Hindustan Unilever, Maruti and Tata Steel fell, stocks such as NTPC, TCS, Tech Mahindra, Bajaj Finance, Axis Bank, Bharti Airtel, M&M and Tata Motors edged up. Among the sectors, BSE Utilities was the biggest gainer rising 1.45 per cent, followed by BSE Power (1.20 per cent). 

The BSE IT sector rose 0.78 per cent, thanks to global investment advisory firm CLSA upgrading major stocks such as TCS, HCL Tech and Tech Mahindra. BSE Industrials and BSE Financial Services edged up 0.48 per cent and 0.45 per cent, respectively. The stock of TCS jumped 1.67 per cent at 33,947.25, while Tech Mahindra and HCL Technologies gained 1.56 per cent at 31,256 and 0.52 per cent at X1,536.10 respectively. 

Among sectoral indices, BSE Realty, which has been on an uptrend in recent times, fell the most by 2.45 per cent, followed by BSE Auto (0.37 per cent). BSE FMCG index slipped 0.27 per cent and BSE Consumer Durables weakened by 0.23 percent.

SECTORROTATION 

Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One, said: “Going ahead, sectoral rotation is evident and is expected to keep the traders’ fraternity busy in the coming sessions. Hence, it is required to maintain exclusivity in stock selection for outperformance.” 

Simultaneously, global developments need to be tracked closely as they might affect the ongoing trend of our markets, he said adding that “for now, dips are anticipated to augur well for the bulls and we would advocate following the aforementioned levels stringently.”