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Sensex, Nifty close on a flat note; consumer durables, IT shares lead losses

Sensex, Nifty close on a flat note; consumer durables, IT shares lead losses

Sensex slipped 35 points to 58,817 and Nifty gained 9 points to 17,534. Of 30 Sensex stocks, 18 ended in the red.

Tata Steel, Bharti Airtel, ICICI Bank and L&T were the top Sensex gainers, rising up to 1.91 per cent. Tata Steel, Bharti Airtel, ICICI Bank and L&T were the top Sensex gainers, rising up to 1.91 per cent.

The stock market ended on a flat note today, led by a fall in consumer durables and information technology shares. Sensex slipped 35 points to 58,817 and Nifty gained 9 points to 17,534. Of 30 Sensex stocks, 18 ended in the red.

Tata Steel, Bharti Airtel, ICICI Bank and L&T were the top Sensex gainers, rising up to 1.91 per cent. Bajaj Finance, NTPC, HCL Tech, Wipro and Asian Paints were the top Sensex losers, falling up to 2.66 per cent.

Mid-cap and small-cap indices on BSE lost 31 points and 27 points, respectively. Capital goods and metal stocks were the top sectoral gainers with their BSE indices zooming 391 points and 347 points, respectively.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas said, "Nifty recently surpassed the 78.6% retracement of the April- June decline, which is near 17,500. On August 10, the Nifty started on a positive note however there was no follow through buying. Consequently, the index consolidated its recent gains near 17,500 throughout the day. Although there is weakness in the short term momentum indicators, the price action is maintaining the upward trajectory. Minor degree dips are getting support near the 20-hour moving average. As long as the index trades above the near term support zone of 17,360-17,300 it is expected to hold the short term positive stance. Thus, going ahead, the Nifty can test 17,750-17,800 in the short term."

Share Market update: Sensex, Nifty close flat; Bajaj Finance, NTPC top losers

IT and consumer durables shares were the top sectoral losers, with their BSE indices falling 295 pts and 230 pts, respectively.

Market breadth was negative with 1,530 stocks ending higher against 1,874 stocks falling on BSE. 120 shares were unchanged. Market cap of BSE-listed firms stood at Rs 272.42 lakh crore.

Vinod Nair, Head of Research at Geojit Financial Services said, "Investors were in a cautious mode in anticipation of the release of US inflation statistics, which will set the tone for the next FED policy meeting. The US CPI inflation during July is projected to remain high, in line with June inflation levels. This, along with strong job data, will compel the FED to keep taking a tough approach to rein in high inflation levels."

Foreign institutional investors remained net buyers in the capital markets as they bought shares worth Rs 1,449.7 crore on Monday, as per exchange data.

Global markets

European stock markets were trading higher while Asian markets fell ahead of the release of US inflation data that traders worry will show upward pressure on prices still is too strong for the Federal Reserve to ease off interest rate hikes.

London, Frankfurt and Wall Street futures gained.

In early trading, the FTSE 100 in London gained less than 0.1% to 7,489.23 and the DAX in Frankfurt advanced 0.3% to 13,575.20. The CAC 40 in Paris added less than 0.1% to 6,495.28.

Shanghai and Tokyo retreated. Oil prices edged lower.

In Asia, the Shanghai Composite Index lost 0.5% to 3,230.02 and the Nikkei 225 in Tokyo sank 0.7% to 27,819.33. The Hang Seng in Hong Kong plunged 2% to 19,610.84.

The Kospi in Seoul fell 0.9% to 2,480.88 and Sydney's S&P-ASX 200 was 0.5% lower at 6,992.70.