nifty: Market Watch: Nifty may remain range-bound in near term | The Economic Times Podcast

Domestic equity indices closed lower on Wednesday, tracking losses in global peers, as strong US data suggested that the pace of interest rate hikes may not ease any time soon.

Banking, financials and index heavyweight Reliance Industries were the worst index drags. The 30-share Sensex fell 168 points to end at 59,029. Its broader peer, Nifty50, ended at 17,624, down 31 points.

In the 30-pack Sensex, IndusInd Bank was the biggest loser, down 1.64 per cent to Rs 1,090.40. M&M shed 1.34 per cent, Maruti Suzuki declined 1.15 per cent and Bharti Airtel fell 1.08 per cent. SBI, ICICI Bank, Tata Steel and HDFC were also among stocks that settled with cuts.

On the other hand, UltraTech Cement rose 4.13 per cent to Rs 6,767.95. TCS surged 0.71 per cent, followed by Sun Pharma, up 0.71 per cent and Wipro rose 0.69 per cent.

Sectorally, Nifty Auto index fell 1.15 per cent, while Nifty Private Bank declined 0.62 per cent. On the other hand, Nifty Media and Pharma surged 1.46 per cent and 0.78 per cent, respectively. Nifty Midcap50 and Smallcap50 rose 0.56 per cent and 0.86 per cent, respectively.

Mr Siddhartha Khemka of Motilal Oswal Financial said the market is likely to remain range-bound in the near term on the back of mixed cues. Globally, concerns over growth slowdown in Europe and China are creating nervousness in equity markets. However, the domestic macros remain strong along with healthy fundamentals, thus providing support on the other hand, he said.

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