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Markets end flat as investors remain on the sidelines

Source: PTI
Last updated on: June 11, 2024 17:27 IST
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Benchmark equity indices Sensex and Nifty ended almost flat on Tuesday after a record-breaking rally, as investors preferred to remain on the sidelines awaiting further triggers.


Photograph: Arko Datta/Reuters

After trading in the positive territory for the most part of the trade, the 30-share BSE Sensex declined 33.49 points or 0.04 per cent to settle at 76,456.59 due to fag-end selling.

During the day, it jumped 370.45 points or 0.48 per cent to 76,860.53.


In a volatile trade, the NSE Nifty ended marginally up by 5.65 points or 0.02 per cent at 23,264.85.

Sensex and Nifty hit their all-time high levels in the early trade on Monday.

"After a notable rebound, the domestic market has stabilized, awaiting further triggers.

"With the resolution of uncertainties in government formation, attention has shifted back to global and domestic indicators. Concerns have risen regarding potential US rate cuts following last week's strong US job data, leading to an increase in US bond yields.

"However, FIIs have been net buyers lately.

"Investors are now gearing up for this week's policy decisions from the US Fed and the BoJ, as well as key inflation data from the US and India, seeking insights into the trajectory of rate cuts," Vinod Nair, head of research, Geojit Financial Services, said.

Among the 30 Sensex companies, Kotak Mahindra Bank, Asian Paints, Reliance Industries, ITC, Sun Pharma, ICICI Bank, Axis Bank and JSW Steel were the major laggards.

Larsen & Toubro, Tata Motors, Maruti, NTPC, Mahindra & Mahindra and UltraTech Cement were among the gainers.

In Asian markets, Seoul and Tokyo settled higher while Shanghai and Hong Kong ended lower.

Signalling continuity, Prime Minister Narendra Modi on Monday retained Amit Shah, Rajnath Singh, Nirmala Sitharaman and S Jaishankar in charge of the four high-profile ministries - Home, Defence, Finance and External Affairs - respectively, in his new government.

The four ministers in charge of these portfolios make up the crucial Cabinet Committee on Security headed by the prime minister.

Global oil benchmark Brent crude declined 0.32 per cent to $81.37 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 2,572.38 crore on Monday, according to exchange data.

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