New Delhi [India]: The stock market on Wednesday closed positively, with the Nifty at the National Stock Market (NSE) rising by 4.75 points, or 0.02 per cent, to 24,143.75.
The BSE Sensex advanced by 149.86 points, or 0.19 per cent, to 79,105.89.
During the trading hours, the Nifty displayed a sideways trading session and traded within a narrow range as the expiry inched closer.
Today during the trading hours, the large-cap stocks led the gains, although broader indices were mixed. The Bank Nifty index fell by 104.55 points, or 0.21 per cent, to 49,727.30.
Sector performance was varied, with IT and auto stocks outperforming, while metal and media stocks declined.
Among the top gainers on the NSE Nifty 50 were TCS, HCL Tech, Tech Mahindra, Infosys, and BPCL.
On the other hand, the stocks of Divis Lab, Hero MotoCorp, Coal India, Ultratech Cement, and DR Reddy’s Lab were the main laggards.
According to the market analysts, the market traded within a narrow range during the day. The investors in the market adopted a cautious stance due to weak domestic sentiment and the risks of earnings downgrades.
Reacting to the day’s trade, Vinod Nair, Head of Research, at Geojit Financial Services, said, “A decline in WPI inflation, driven by lower food prices, signals that the RBI is progressing towards its price stability target. The IT index edged up, reflecting optimism for improved US CPI data expected later today, which could increase the scope of a loose monetary policy from the Fed.”
“The positive closing of Indian indices amid mixed broader market trends highlights selective strength in large-cap stocks and sectoral performance divergences,” said Varun Aggarwal MD, Profit Idea.
The volatility index, INDIA VIX, cooled off by 4.40 per cent, settling at 15.46, indicating a reduction in market volatility.
“Indian equity indices opened on a positive note, driven by favourable global cues. The Nifty opened flat to slightly positive but remained lacklustre throughout the day,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd.