Benchmark equity indices surrendered most of their intraday gains on Wednesday, with the BSE Sensex closing marginally higher and the NSE Nifty ending in negative territory as renewed tensions between the United States and Iran weighed on investor sentiment.
Market Performance
The 30-share BSE Sensex edged up 64.42 points, or 0.09%, to settle at 73,983.18. During the session, the index surged as much as 694.25 points to touch an intraday high of 74,613.01 before losing momentum in late trade.
The broader NSE Nifty slipped 27.15 points, or 0.12%, to close at 23,214.95. The index oscillated between a high of 23,425.35 and a low of 23,184.60 during the trading session.
Nifty 50 Top Gainers
- Nestle India: Rs 1,438 (+1.98%)
- HUL: Rs 2,170 (+1.73%)
- Axis Bank: Rs 1,315 (+1.71%)
- Kotak Bank: Rs 388.10 (+1.68%)
- ICICI Bank: Rs 1,293 (+1.44%)
- ITC: Rs 283.65 (+1.31%)
- HDFC Bank: Rs 746.85 (+1.16%)
- Max Healthcare: Rs 1,010 (+0.70%)
- JSW Steel: Rs 1,270 (+0.65%)
- Kwality Wall's: Rs 33.01 (+0.61%)
Nifty 50 Top Losers
- Hindalco: Rs 1,039 (-3.48%)
- Coal India: Rs 451.00 (-3.41%)
- Infosys: Rs 1,145 (-2.97%)
- ONGC: Rs 251.90 (-2.75%)
- Eternal: Rs 239.80 (-2.39%)
- SBI Life: Rs 1,729 (-2.29%)
- HDFC Life: Rs 549.55 (-1.98%)
- Tata Steel: Rs 199.31 (-1.91%)
- Tata Motors PV: Rs 381.00 (-1.76%)
- Jio Financial Services: Rs 230.17 (-1.73%)
Sensex Top Gainers
- HUL: Rs 2,170 (+1.73%)
- Axis Bank: Rs 1,315 (+1.71%)
- Kotak Bank: Rs 388.10 (+1.68%)
- ICICI Bank: Rs 1,293 (+1.44%)
- ITC: Rs 283.65 (+1.31%)
- HDFC Bank: Rs 746.85 (+1.16%)
- Kwality Wall's: Rs 33.01 (+0.61%)
- Power Grid: Rs 287.20 (+0.53%)
- L&T: Rs 3,918 (+0.44%)
- Sun Pharma: Rs 1,786 (+0.42%)
Sensex Top Losers
- Infosys: Rs 1,145 (-2.97%)
- Eternal: Rs 239.80 (-2.39%)
- Tata Steel: Rs 199.31 (-1.91%)
- Bajaj Finserv: Rs 1,664 (-1.71%)
- Titan Company: Rs 4,042 (-1.53%)
- Bharti Airtel: Rs 1,775 (-1.33%)
- M&M: Rs 2,953 (-1.26%)
- HCL Tech: Rs 1,132 (-1.24%)
- NTPC: Rs 351.65 (-1.13%)
- BEL: Rs 408.35 (-0.90%)
Geopolitical Concerns Cap Gains
According to analysts, investor sentiment remained fragile amid fresh military exchanges between the US and Iran, reviving concerns about a broader escalation in the Middle East and raising questions over the durability of the ceasefire in the region.
Ponmudi R, CEO of Enrich Money, commented, as quoted by news agency PTI, that Indian equity markets ended modestly lower as renewed hostilities between the United States and Iran unsettled investor sentiment and revived concerns over the durability of the fragile ceasefire. He added that global markets remained under pressure after the latest developments heightened geopolitical risks and curtailed risk appetite among investors.
Banking Stocks Support Sensex
Among the Sensex gainers, Hindustan Unilever, Axis Bank, Kotak Mahindra Bank, ICICI Bank, ITC and HDFC Bank led the advances. On the other hand, Eternal Ltd, Tata Steel, Bajaj Finserv and Titan were among the major laggards.
Global Markets Weak, FIIs Continue Selling
Asian markets ended lower, with South Korea's Kospi tumbling 4.52% and Japan's Nikkei 225 declining 1.89%. Hong Kong's Hang Seng and China's Shanghai Composite Index also closed in negative territory. European markets were trading lower, while US markets had ended mostly weaker on Tuesday.
Foreign institutional investors (FIIs) remained net sellers, offloading equities worth Rs 4,566.03 crore on Tuesday, according to exchange data. Meanwhile, Brent crude, the global oil benchmark, slipped 0.20% to USD 91.27 per barrel.
The market performance came a day after the Sensex had climbed 394.50 points to 73,918.76 and the Nifty had gained 119.10 points to close at 23,242.10.
