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Sensex And Nifty End Flat In Red; Smallcaps, Midcaps Shine

The BSE Sensex and Nifty ended flat today as major sectors witnessed selling pressure throughout the day. However, the BSE Midcap and Smallcap indices outperformed the headline indices in the intraday session today.

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The equity markets mostly traded on the sidelines throughout the day, however, some recovery was seen in the afternoon trade led by heavyweight banking stocks which led the indices to close with minimal losses. At close, the 30-share pack Sensex was down 29.22 points at 58,250.26, and the Nifty-50 was down 8.60 points at 17,353.50.

"In a volatile session of trade today, the bulls managed to stage a smart comeback led by the pace of vaccinations and accumulation witnessed in Kotak Mahindra Bank," said S Ranganathan, Head of Research, LKP Securities.

The BSE Sensex witnessed buying interest in 15 stocks and similarly selling in 15 stocks in the intraday session on Wednesday, September 8. Shares of Maruti Suzuki, Bajaj Auto, and Bajaj Finance shed over a per cent each, while Nestle dipped more than two per cent. On the flipside, Kotak Mahindra, Axis Bank, Titan and NTPC were top gainers adding between 1-2 per cent each.

The broader markets however outperformed the benchmark indices in the day's trade. The BSE Midcap index closed with a gain of nearly 200 points, and Smallcap index jumped more than 150 points. Info Edge was the top newsmaker in the Midcap space as the stock jumped over nine per cent, while shares of Adani Power and Adani Green also gained nearly five per cent each.

Sectorally today, the Auto, IT, Pharma, FMCG, and Realty bleed red, while Banks and Metal counters saw healthy buying interest in the intraday session. The technology counters saw major profit booking after a sharp rally in the previous few sessions. Wipro, TCS, and Mindtree were the top losers in the pack, falling over a per cent each.

In the overall market breadth today, 961 shares advanced and 812 shares declined in the NSE.

Moving further, experts are of a view that strong cues from vaccination numbers in the country and with S&P also suggesting better growth numbers for the country in the coming quarters, the overall market sentiment is extremely positive. On the technical front too, the Nifty has witnessed some correction in the previous couple of sessions which can further lead to a upward move in the coming session, said experts.

Gaurav Udani, CEO & Founder, ThincRedBlu Securities, said, "In the last few days Nifty has shown some healthy corrections and there is a high probability that tomorrow Nifty may retest it's all time high and close above those levels."

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