Market Wrap: D-Street ends flat as banks offset global optimism; Sensex sheds 53 points, Nifty holds 25,100
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The benchmark BSE Sensex closed marginally lower on Tuesday, while the broader NSE Nifty 50 ended unchanged, as profit booking in financial stocks outweighed optimism stemming from U.S.-China trade talks and policy support from the Reserve Bank of India.The BSE Sensex fell 53.49 points, or 0.06%, to settle at 82,391.72, while the NSE Nifty eked out a modest gain of 1.05 points to close at 25,104.25.Indian benchmarks Sensex and Nifty opened higher, rising around 0.4% in early trade, but later gave up gains to end largely flat.The heavyweight financial stocks were the biggest drag on the session. The Nifty Financial Services and Nifty Bank indices declined 0.5% and 0.4%, respectively, after a four-day rally that saw financials gain 2.8%.Benchmark constituents HDFC Bank and ICICI Bank shed 0.6% and 0.8%, respectively.Information technology stocks outperformed, with the Nifty IT index rising 1.7% on the day, buoyed by optimism surrounding U.S.-China trade negotiations. The sector benefits significantly from U.S. exposure.In the 30-stock Sensex pack, Tech Mahindra TCS , and ITC were among the top gainers , advancing between 1% and 2.3%.Meanwhile, Asian Paints Tata Steel , ICICI Bank, Maruti Suzuki and Reliance Industries were the biggest laggards on Sensex, falling up to 1.3%.Broader markets edged higher, with the more domestically focused Nifty Smallcap 100 and Nifty Midcap 100 rising 0.1% and 0.01%, respectively.
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Hans India
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Asian Paints shares see Rs 7,700 crore block deal, stock up over 2%
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