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Benchmark equity indices Sensex and Nifty ended marginally lower in highly volatile trade on March 28 as losses in IT and auto stocks were largely offset by gains in banking and oil stocks amid mixed global trends.
The 30-share BSE Sensex closed 40.14 points, or 0.07%, lower at 57,613.72 as 19 of its scrips declined and 11 advanced. The index opened higher and climbed 295.59 points, or 0.51%, to touch a high of 57,949.45. However, it failed to sustain the gains and later declined to hit a low of 57,494.91.
The broader NSE Nifty settled 34 points, or 0.20%, lower at 16,951.70 after moving between 17,061.75 and 16,913.75.
On the Nifty, 32 stocks declined, 17 advanced and one closed unchanged. Adani Entertainment, Adani Ports, Tech Mahindra, HeroMotoCorp and Tata Motors were among the major losers in the Nifty.
Among Sensex firms, Tech Mahindra, Tata Motors, Bharti Airtel, Wipro, Bajaj Finserv, HCL Technologies, Bajaj Finance, Larsen & Toubro, Mahindra & Mahindra and UltraTech Cement were the biggest losers.
IndusInd Bank, Power Grid, HDFC Bank, ICICI Bank, NTPC, Reliance Industries, HDFC and Tata Steel were the major winners.
Vinod Nair, Head of Research, Geojit Financial Services, said, “Indian markets continue to be in the grip of bears as investors remain cautious expecting more tightening from RBI.”
Mr Nair said Nifty small and midcap stocks continued to decline due to fall in risk appetite of investors and FY23 tax cuts.
“Nifty witnessed another day of rangebound price action. It consolidated between 16,900 – 17,100 for the third consecutive day,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.
In Asian markets, Seoul, Japan and Hong Kong closed with gains while Shanghai closed with a slight decline.
European shares were trading in positive territory during afternoon trade. US markets closed with a mixed trend on Monday.
The 30-share BSE benchmark climbed 126.76 points, or 0.22%, to close at 57,653.86 on Monday. The Nifty closed at 16,985.70, up 40.65 points or 0.24%.
Meanwhile, global oil benchmark Brent crude climbed 0.50% to $78.51 per barrel.
Foreign portfolio investors (FPIs) offloaded equities worth Rs 890.64 crore on Monday, according to exchange data.