Stock Market Today: Nifty, Sensex Close Flat As Infosys, RIL Weigh
The Nifty closed 0.04% or 9.80 points lower at 25,268.90, and the Sensex closed 0.01% or 4.40 points down at 82,555.44.
KEY HIGHLIGHTS
Rupee weakens Against US Dollar
The Indian rupee weakened by 5 paise to close at 83.97 against the US dollar. It closed at 83.92 on Monday.
Source: Bloomberg
Markets Snap Longest Winning Streak
The benchmark indices snapped their 13-day winning streak to end flat on Tuesday as heavyweights Infosys Ltd. and Reliance Industries Ltd weighed.
The Nifty closed 1.15 points lower at 25,279.85, and the Sensex closed 0.01% or 4.40 points down at 82,555.44.
On the Nifty's hourly chart, there are divergences emerging but consolidation is still away, said Kush Bohra, founder of investment advisory firm kushbohra.com.
"The price is not suggesting any imminent correction, there is no price action on the downside," said Aditya Agarwal, head of research and investments at Invest4edu.
Shares of ICICI Bank Ltd., HDFC Bank Ltd., SBI Life Insurance Corp., and HDFC Life contributed the most to the gains in the Nifty.
Infosys, Reliance Industries, and Bharti Airtel Ltd. weighed on the index the most.
Most sectoral indices ended lower on the NSE, with the Nifty Media declining the most.
Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices ended 0.19% and 0.53% higher, respectively.
On BSE, 11 sectors advanced, and nine declined out of 20. The BSE Consumer Durables rose the most, and the BSE Oil & Gas declined the most.
Market breadth was evenly split between buyers and sellers. Around 2,011 stocks advanced, 1,925 stocks declined, and 118 stocks remained unchanged on BSE.
Market At Close
Nifty snapped its longest ever streak
Sensex ends lower after rising for tenth consecutive session
Nifty ends 0.04% or 9.80 points down at 25268.90
Sensex ends 0.01% or 4.40 points lower at 82555.44
Intraday, Nifty rose as much as 0.17% to 25,321.70 and Sensex rose as much as 0.14% to hit its highest level of 82,675.06
Broader indices outperformed; Nifty Midcap 100 ended 0.24% up and Nifty Smallcap 250 rose 0.55%
Most sectoral indices ended lower; Nifty Financial Services was the top gainer and Nifty Media fell the most
SBI Life and ICICI Bank were top Nifty gainers
Infosys and Bajaj Finance were top losers among Nifty stocks
LIC Bangladesh Resumes Full Operations
LIC Bangladesh resumed full operations from September 2
No damages or loss to company property
Source: Exchange filing
Kotak Securities On FIEM
Kotak Securities initiated coverage with a 'Buy' with a target price Rs 2,150, which implied 33% upside.
FIEM well-placed to benefit from two-wheeler industry recovery
Rising LED lighting adoption in the automotive segment to aid growth
Passenger vehicle segment provides significant growth opportunity over the medium term
Earnings expected to grow at a healthy 19% CAGR over FY24-FY27E
Value the stock at a PE of 20x on FY27E earnings
