Indian stocks ended flat amid concerns over rising bond yield
Apr 03, 2024
New Delhi [India], April 3 : Indian stock market indices traded almost flat after opening in red on the Wednesday session. The Nifty 50 closes at 22,434 by losing 18 points while Sensex closed at 73,876 by losing 27 points.
In the Nifty 50 companies, 20 companies closed in green while 30 closed in red at the end of the Wednesday session giving an edge to the bears in market.
Among the top gainers of the Nifty 50, Shriram Finance Ltd topped the list with more than 3% gain, while NTPC gains 2 % and Divi's lab Ltd and TCS followed the top gainer list with a gain of around 1.7% during the trading session.
While Nestle India, Bajaj Auto and Dr. Reddy's Laboratories Ltd made into the list of the top losers of Nifty 50 on Wednesday session. Among the broader indices, the performance was mixed, with Small-cap and Mid-cap stocks showing gains. The Bank Nifty index, however, ended higher by 113.55 points or 0.24%, closing at 47,624.25. Notably, PSU Banks and IT stocks outperformed, while Realty and FMCG stocks experienced declines.
According to investors and market experts the market is cautious aheady of the RBI montary policy report and amid the decline in the wall street with major indices of U.S, Dow Jones Industrial Average also closed in red with more than 1% decline during Tuesday's session.
"The market is cautious ahead of the Monetary Policy report which is due at the end of this week. Apart from this Nifty 50 has a very strong support at 22,300 level and any move above the 22,550 can see a fresh round of rally" says Soni Patnaik, JM Financial Services Ltd.
In the Asian stock market, the equities witnessed a decline as robust economic data and higher commodity prices fueled speculation of prolonged central bank interest rate hikes. The Asian shares also followed the decline of the Wall Street on Wednesday. The market also showed a cautious note after a powerful earthquake hit the Taiwan region which is one of the vital location for the chip-making industry for the entire world.
