Mumbai, March 8 (IANS) After a day of volatile trade, key Indian equity market indices ended the day’s trade flat following global cues.
A benchmark index for Indian equities, the sensitive index (Sensex) of the BSE, which opened at 24,655.19 points, closed at 24,659.23 points — up a mere 12.75 points, or 0.05 percent over the previous day’s close at 24,646.48 points. It touched a high of 24,793.62 points and a low of 24,509.21 points in the day’s trade.
The wider Nifty of the National Stock Exchange closed 0.05 points lower at 7,485.30 points.
“The slump in Chinese trade due to the sharp reduction in export data has created the volatility in the market. Nifty is hovering at the important resistance level and is seeking for next direction,” said Vinod Nair, head-fundamental research, Geojit BNP Paribas Financial Service”.
“Stock markets in India opened the day on a positive note but gave in to selling pressure in afternoon trade. Both the Sensex and the Nifty traded at a five-week high before reversing gains to settle the day in the red,” said Shreyash Devalkar, fund manager – equities, BNP Paribas Mutual Fund.
The 100-scrip and 200-scrip indices were up by 0.02 percent and 0.03 percent, respectively. The mid-cap index was lower by 0.25 percent. However, small-cap stocks were higher by 0.24 percent.
In Tuesday’s trade, good buying was observed in metal, oil and gas and energy sectors, while selling pressure was seen in banking sector.
Sector-wise, the S&P BSE metal index gained by 1.70 percent, oil and gas index moved up by 1.50 percent and energy index went up by 1.44 points. However, banking index dropped by 1.29 percent.
The major Sensex gainers on Tuesday were: GAIL, up 2.49 percent at Rs.348.45; Lupin, up 2.05 percent at Rs.1,816.70; Reliance Industries, up 2.05 percent at Rs.1,027.15; and ITC, up 1.66 percent at Rs.321.25.
The losers were: Maruti, down 2.90 percent at Rs.3,461.55; State Bank of India, down 2.52 percent at Rs.183.65; and Hindustan Unilever, down 2.48 percent at Rs.827.55.
Among the Asian markets, Japan’s Nikkei went down by 0.76 percent and Hong Kong’s Hang Seng went down by 0.73 percent, while China’s Shanghai Composite Index gained by 0.09 percent.
In Europe, London’s FTSE 100 was down by 0.82 percent, France’s CAC 40 was lower by 1.38 percent and Germany’s DAX Index was down by 1.29 percent at the closing in the Indian markets.