Nifty, Sensex Little Changed After Volatile Session; Axis Bank, ICICI Bank Drag: Market Wrap
ITC, Infosys and Titan also weighed on the Nifty.
The benchmark equity indices ended little changed on Thursday as shares of Tata Motors Ltd. and HDFC Bank Ltd. helped them erase losses after a lower open.
The NSE Nifty 50 ended 7.40 points or 0.03% lower at 24,406.10, and the S&P BSE Sensex closed 109.08 points or 0.14% down at 80,039.80.
Intraday, the Nifty declined as much as 0.83% to 24,210.80, and the S&P BSE Sensex fell 0.84% to 79,477.83.
"As we are constantly mentioning that the level of 24,200 is a strong support and as long as the index (Nifty) holds it, the uptrend will remain intact," Aditya Gaggar, director of Progressive Share Brokers, said. "On the flip side, a level of 24,560 is considered an immediate hurdle."
Larsen & Toubro Ltd., Tata Motors Ltd., HDFC Bank Ltd., Oil & Natural Gas Corp., and Kotak Mahindra Bank Ltd. led the gains in the Nifty.
ICICI Bank Ltd., Axis Bank Ltd., ITC Ltd., Infosys Ltd., and Titan Co. weighed on the index.
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On NSE, five sectors ended higher and seven lower. The Nifty Metal led the losses and Oil & Gas led the gains.
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The broader indices ended flat as the BSE MidCap ended 0.1% lower and the SmallCap closed 0.04% down.
Eleven out of the 20 sectoral indices on the BSE ended higher, with Oil & Gas being the top gainer.
The market breadth was skewed in favour of the buyers as 2,118 stocks rose, 1,795 fell and 110 remained unchanged on the BSE.
