MUMBAI, India — Indian equity markets closed largely flat on Wednesday, snapping a three-session winning streak as investors adopted a cautious stance ahead of key inflation data.
The Sensex slipped 40 points, or 0.05 percent, to end the session at 84,233. The Nifty edged higher by 18 points, or 0.07 percent, closing at 25,953.
Broader markets moved in line with the benchmarks. The Nifty Midcap 100 rose 0.03 percent, while the NSE Smallcap 100 gained 0.02 percent.
Market breadth remained negative, with 2,259 stocks declining and 1,701 advancing on the BSE. The Nifty Next 50 outperformed, climbing 0.55 percent, while the Nifty Financial Services index added 0.32 percent.
Most sectoral indices ended higher, with the exception of information technology and private banking stocks. The Nifty IT index was the worst performer, falling 1.76 percent. Auto stocks led gains, with the Nifty Auto index up 1.30 percent, followed by pharmaceuticals, which rose 1.01 percent, and PSU banks, which advanced 1.03 percent.
The rupee traded slightly weaker at 90.68 against the dollar, down 0.13 paise, as it continued to move within a narrow range amid mixed global cues. Analysts said higher crude oil prices, particularly due to increased imports from Western markets, could widen the import bill and keep pressure on the currency.
Market participants said the Nifty 50 continues to trade within a range, with stock-specific activity dominating in the absence of a clear directional trigger.
Bank Nifty closed marginally higher near the 60,750 level, holding above the key support zone of 60,500. Analysts noted that the index remains range-bound with a positive bias and may see momentum build if it sustains a move above 60,800.
In January, the Nifty 50 declined 3.10 percent but has gained 7.71 percent over the past year. The Nifty 500 was flat for the month and is up 6.94 percent on a yearly basis. Midcap and smallcap indices underperformed in January, falling between 3.53 percent and 5.52 percent. (Source: IANS)
