stock market analysis: Market Watch: Nifty may trade between 17,399-17,600 in near term | The Economic Times Podcast

In a bland session after a 1-day break, domestic equity benchmarks gave up early gains on Wednesday to end below the flatline as tech stocks inched lower, while traders awaited US inflation data for cues on the pace of rate hikes from the Federal Reserve. Weakness in Asian markets also dampened sentiment.

Sensex declined 35.78 points to end at 58,817.29. Its broader peer, Nifty50, also failed to close above the 17,550 mark.

Bajaj Finance, NTPC, HCL Tech and Wipro were the top laggards in a lacklustre trading session, falling around 2-2.5 per cent. Asian Paints, UltraTech Cement, SBI, Infosys, Axis Bank and Kotak Mahindra Bank also settled lower. However, Tata Steel, Bharti Airtel, ICICI Bank, L&T and IndusInd Bank managed to end the session with gains of over 1 per cent.

-Hindalco jumped over 4% on highest ever quarterly profit at Rs 4,119 crore
-JSW Energy rose over 3% after will buy renewable assets from Mytrah Energy for Rs 10,530 crore
-Munjal Auto advanced 14% after solid Q1 earnings; Lux Industries slumped over 6% after margin shrinks in June quarter
-MRF shares cracked 4.5% after Q1 profit declined 29%
-Delhivery shares dropped over 6 per cent after Q1 loss widened

Sectorally, Nifty IT index was the worst performer, falling 0.89 per cent. Nifty FMCG, Media and Realty indexes also ended with minor cuts. Bucking the trend, Nifty Metal advanced 1.62 per cent, while Nifty Bank, Auto also managed to settle with mild gains.

Mr Deepak Jasani of HDFC Securities said Nifty could remain in the 17399-17600 band for the near term.

That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye.