Domestic equity markets erased losses to end flat on Tuesday, thanks to fag-end buying. With this, the benchmark indices extended the winning run to the fifth session in a row even as the global mood remained subdued.
Investors, across the globe, were concerned over weak economic data points and an escalation in China-US tensions as China has objected to US House Speaker Nancy Pelosi’s visit to Taiwan, as it regards the self-governed island as a breakaway province.
BSE Sensex swung between gains and losses in the final hour to end the day just 21 points or 0.04 per cent higher at 58,136. Its NSE counterpart, Nifty50, added merely 5 points or 0.03 per cent to close at Rs 17,345.
Broader markets outperformed bluechip indices as BSE Midcap and Smallcap gained between 0.35-0.50 per cent. However, the fear gauge India VIX shot up 6 per cent and topped the 18.5 level by the end of the session.
Global indicators did not favour the bulls, with most Asian and Western markets trading lower over concerns of rising geopolitical tension between the US and China, said Vinod Nair, Head of Research at
.
“Economic data pointed to a decrease in demand and major markets throughout the world are trading with recessionary fears. The domestic market has proven resilient due to strengthening Indian rupee and FIIs buying,” he added.
In the Nifty50 pack, UPL plunged 4 per cent after downgrades by brokerages following the muted earnings in the June quarter. , SBI Life, and dropped 2 per cent each.
IndusInd Bank, NTPC and
gained 2 per cent each and were top Nifty performers. They were followed by and which added up to 1.5 per cent each.
Rupak De, Senior Technical Analyst at
said Nifty remained rangebound during the day as the index remained within the bands of 17,200 and 17,400. On the daily chart, the index has maintained its uptrend, he said.
“The daily RSI is in bullish crossover and rising. The trend is likely to remain bullish as long as Nifty holds above 17,000. On the higher end, resistance is visible at 17,400-17,500,” he added.
In the broader markets, Zomato hit the upper circuit of 20 per cent to Rs 55.60 after strong Q1 earnings, whereas
surged more than 16 per cent after the June quarter show.
Yes Bank rallied 13 per cent to race past the Rs 17-mark amid reports that former
MD Aditya Puri may join the board. PolicyBazaar stock gained another 11 per cent while Nazara, , and also posted double-digit gains during the day.
Among the losers, Data Patterns,
, Prozone Intu and Escorts Kubota led, with each falling between 5-6 per cent.
Asian markets witnessed a selloff as Shanghai, Hong Kong and Taiwan plunged 2 per cent each, followed by a one per cent fall in Japan and South Korea. European stocks were also down in early trade.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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