Indian Stock Market Closes with Minor Changes, Nifty Falls Below 23,700
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Mumbai, Jan 8 (NationPress) The domestic benchmark indices in India concluded the trading session flat on Wednesday, influenced by muted global cues, as there was a notable sell-off in the auto, PSU Bank, financial services, pharma, metal, and real estate sectors.
The Sensex finished at 78,148.49, declining by 50.62 points, or 0.06 percent, while the Nifty closed at 23,688.95, down by 18.95 points, or 0.08 percent.
A slight sell-off was led by Bank Nifty, which ended at 49,835, down by 367.10 points, or 0.73 percent. The Nifty Midcap 100 index concluded at 56,270.60 after a drop of 598.70 points, or 1.05 percent, while the Nifty Smallcap 100 index finished at 18,365.65, down by 307.80 points, or 1.65 percent.
On the Bombay Stock Exchange (BSE), 1,390 shares ended in the green, 2,582 shares in the red, and 94 shares remained unchanged.
From a sectoral perspective, the IT and FMCG segments emerged as the primary gainers.
Market analysts noted that "slowing economic growth forecasts and cautious sentiment ahead of Q3 results contributed to market volatility,"
"However, the market saw a recovery from its day’s low due to the accumulation of undervalued blue-chip stocks and expectations for government reforms in the upcoming budget to stimulate the sluggish economy."
"In the near term, sentiment is expected to remain subdued due to rising US bond yields and concerns over fewer rate cuts by the Fed," they added.
Within the Sensex pack, UltraTech Cement, L&T, Sun Pharma, HDFC Bank, ICICI Bank, NTPC, SBI, Zomato, Titan, Tata Steel, and M&M were among the top losers. Conversely, TCS, ITC, Asian Paints, HCL Tech, Maruti Suzuki, Bharti Airtel, Axis Bank, Bajaj Finserv, Hindustan Unilever, PowerGrid, Nestle India, and Tata Motors were the leading gainers.
Foreign institutional investors (FIIs) sold equities valued at Rs 1,491.46 crore on January 7, while domestic institutional investors purchased equities worth Rs 1,615.28 crore on the same day.
