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Sensex, Nifty close flat; ONGC, Axis Bank, HCL Tech top losers

Asian markets that opened bullish today ended lower for the day. European markets traded in the red as investors fretted over another wave of the coronavirus pandemic that can spark tighter lockdown measures

Rupa Burman Roy | September 29, 2020 | Updated 17:18 IST
Sensex, Nifty close flat; ONGC, Axis Bank, HCL Tech top losers
In the forex market, the rupee traded flat throughout the day and depreciated 7 paise to settle at 73.86 against the US dollar

Indian benchmark indices turned volatile and ended flat on Tuesday amid mixed global equities. Reversing after 2 days of sharp gains, Sensex ended 8 points lower at 37,973 and Nifty fell 5 points to 11,222. Yesterday, the 30-share BSE benchmark Sensex ended 592 points higher at 37,981, while Nifty gained 177 points to 11,227.

ONGC, followed by IndusInd Bank, PowerGrid, Axis Bank, HCL Tech, NTPC and ITC were the top losers. On the other hand, UltraTech Cement, TCS, Tata Steel, Titan and HDFC were among the gainers.

On the sector front, mixed performance was witnessed as FMCG, banks and PSU ended as laggards while consumer durables, metals and energy posted decent gains.

Equity benchmarks ended marginally lower today after the Reserve Bank postponed its bi-monthly policy review meeting, as per traders.

"Advances and declines were evenly poised with the interesting tussle between bulls and bears. Amongst the top 3 Nifty gainers, were Hindalco, Ultratech and Hero Motocorp whereas Bharti Infratel, ONGC and Indusind were the top 3 Nifty losers," said Aamar Deo Singh, Head Advisory, Angel Broking.

Asian markets that opened bullish today ended lower for the day. European markets traded in the red as investors fretted over another wave of the coronavirus pandemic that can spark tighter lockdown measures. As per market analysts, the global onset of the coronavirus pandemic panicked markets.

Infusion of credit by central banks into struggling economies have kept markets cautious recently. Investors awaited with caution ahead of the US presidential debate between Donald Trump and his Democratic rival Joe Biden. Market participants were also awaiting developments on a new US coronavirus stimulus package.

Vinod Nair, Head of Research at Geojit Financial Services "After a gap up opening, the benchmark indices grew volatile, before ending the day flat. Global markets were also undecided and slightly negative for the day as the outcome of the first US presidential debate was awaited. With increasing infections and chances of location-specific lockdowns, Indian indices were also uncertain. Indian markets are awaiting a trigger in the form of confirmation of a stimulus package by the government to boost economic activity. Till then, expect volatility."

US stocks closed higher yesterday as stimulus talks and hopes for the development of a coronavirus vaccine supported investor confidence. The Dow Jones Industrial Average gained 1.5% to 27,584.06. The Nasdaq composite climbed 1.9% to 11,117.53.

Further, release of some key important economic data during the week help to shed light on an economic recovery will set the directions going ahead. Overseas, the US will release its CB consumer confidence data on Tuesday, while Euro will take cues from ECB president's speech on Monday and Wednesday.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"We were unable to get past the 11300-11350 levels on a closing basis. It is only above these levels that the markets might turn bullish. Until then, there is scope for a reversal and for the Nifty to fall and endeavour the levels of 10700-10800."

Ajit Mishra, VP - Research, Religare Broking Ltd said," The pause was on the expected lines after the recent bounce and existence of hurdle at 11,300 in Nifty. Going ahead, the upcoming auto sales numbers will be closely watched by the participants. Meanwhile, global cues will continue to dictate the trend."

In the forex market, the rupee traded flat throughout the day and depreciated 7 paise to settle at 73.86 against the US dollar.

Worldwide, there were 335 lakh confirmed cases and 10.06 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload breached the 61-lakh mark and the death toll from COVID-19 infections rose to 0.96 lakh

Share Market Highlights: Sensex, Nifty end tad lower; ONGC, Axis Bank, HCL Tech, IndusInd Bank top losers

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