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Sensex, Nifty end flat as Metals and PSUs Underperform

Sensex closed at 50,363.96, down by 31 points, and Nifty-50 closed at 14,910.45, down 19 points

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The markets turned flat in the afternoon session and wiped off the early morning gains as Metal and Bank stocks witnessed heavy selling. The banking sector is quite affected in view of the two-day strike and public banks have created a broader impact, said experts.

The BSE Sensex closed at 50,363.96, down by 31 points or 0.6 per cent, and Nifty-50 closed at 14,910.45, down 19 points or 0.13 per cent. However, the overall market performance clocked more losses as 821 shares gained and 910 slipped in the NSE.

Asian Paints, Dr. Reddy's Labs, HCL Tech and HUL were among the top gainers of the index at market closing. Asian paints gained over five per cent in the intraday session with a day's high of Rs 2,480.

The IT stocks were in positive momentum tracking cues from global tech stocks. Shares of MphasiS, Mindtree and COFORGE gained over five per cent each. The Nifty IT index closed higher by 1.27 per cent.

AU Small Finance Bank gained over four per cent in the day's trade after the company raised Rs 625.20 crore via sale of shares to institutional investors. The stock reached its day's high of Rs 1,237.65.

However, the metal sector which posted gains in the previous session, weighed the market today as investors booked profit and cleared all their existing positions of the previous sessions. Shares of Tata Steel and JSW Steel plunged over a per cent each.

The PSU bank sector also turned bearish as investor concerns rose after an ongoing two-day strike of the banks. PNB and Bank of India dipped over two per cent each and contributed the most in the downfall.

Moving further analysts predict that the market sentiment will be decided on global cues as investors will keep an eye on the FED which is to be released later this week. 

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sensex nifty psus