Indian benchmark indices Sensex and Nifty ended flat on Tuesday amid mixed global cues. The BSE Sensex closed at 58,869.72, down 11.68 points or 0.02 per cent, while the NSE Nifty settled at 17,536.70, down 3.75 points or 0.02 per cent.
Market Performance
The market remained range-bound throughout the day as investors weighed positive domestic macroeconomic data against weak global signals. Among the Sensex constituents, HDFC, HDFC Bank, and Reliance Industries were the top gainers, while ITC, Bajaj Finance, and Infosys were the major losers.
Crude Oil Falls Below $100
In a significant development, crude oil prices fell below $100 per barrel for the first time in weeks. Brent crude futures were trading at $99.50 per barrel, down 2.3 per cent. The decline in crude prices is expected to ease inflationary pressures and benefit oil-importing countries like India.
Sectoral Indices
Among sectoral indices, the Nifty Bank index rose 0.3 per cent, while Nifty IT fell 0.5 per cent. Nifty Auto, Pharma, and FMCG indices also ended in the red. The broader markets, however, outperformed the benchmarks, with the BSE Midcap and Smallcap indices gaining 0.4 per cent and 0.6 per cent respectively.
Global Cues
Global markets were mixed as investors awaited US inflation data and corporate earnings. Asian markets closed lower, while European markets opened on a positive note. The US Federal Reserve's monetary policy stance and geopolitical tensions continue to influence investor sentiment.
Foreign institutional investors (FIIs) remained net sellers in the Indian equity market, offloading shares worth Rs 1,200 crore on Tuesday. Domestic institutional investors (DIIs) were net buyers, purchasing shares worth Rs 900 crore.
Market experts expect volatility to continue in the near term, with focus on global cues and corporate earnings. The decline in crude oil prices is a positive sign for the Indian economy, which is heavily reliant on imports to meet its energy needs.
