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Business News/ Markets / Stock Markets/  Share market today: Sensex, Nifty 50 end flat; broader markets along with PSU banks shine, realty drags
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Share market today: Sensex, Nifty 50 end flat; broader markets along with PSU banks shine, realty drags

Share market today: Sensex and the Nifty 50, ended Wednesday's session on a flat note amid weak global cues.

Share market today: On Wednesday, the 30-share BSE Sensex ended lower by 27.09 points or 0.04% at 73,876.82 level while the Nifty 50 closed at 22,434.65 level, down 18.65 points or 0.08%. (Reuters)Premium
Share market today: On Wednesday, the 30-share BSE Sensex ended lower by 27.09 points or 0.04% at 73,876.82 level while the Nifty 50 closed at 22,434.65 level, down 18.65 points or 0.08%. (Reuters)

Share market today: Domestic equity benchmark indices, the Sensex and the Nifty 50, ended Wednesday's session on a flat note amid weak global cues. 

The 30-share BSE Sensex ended lower by 27.09 points or 0.04% at 73,876.82 level while the Nifty 50 closed at 22,434.65 level, down 18.65 points or 0.08%. The broader market outperformed the benchmark indices. The Nifty Small Cap 100 ended 1.16% higher and the Nifty Midcap 100 closed 0.52% higher.

Along with the broader market coming back into action, PSU Bank stocks led the market while realty stocks were under pressure. 

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Also Read: Sensex Today | Share Market Live Updates: Sensex ends down 27pts, Nifty at 22,430; Realty, FMCG, Auto down, PSB, IT gain

According to Reuters report, Wednesday saw a slight decline in global stock markets due to rising bond yields as investors assessed the potential decline in US interest rates this year. Additionally, a strong earthquake in Taiwan sparked worries about potential disruptions to the key chip-making industry.

Three interest rate cuts from the Federal Reserve this year have been trimmed by traders as a result of a run of strong US data points and an increase in oil prices to the highest level in five months.

The manufacturing PMI data is strong, and there is optimism about the approaching Q4 results, which is helping the Indian market buck the negative global trend, according to Vinod Nair, Head of Research at Geojit Financial Services. The broader market's buoyancy suggests that the short-term strength will persist.

Strong US economic data, however, seems to have raised questions about the market's expectation of a June Fed rate cut. The US Fed Chair's speech later today is the focus of the market for more cues, said Nair.

Also Read: Top Gainers and Losers today on 3 April, 2024: Shriram Finance, NTPC, Nestle India, Bajaj Auto among most active stocks; Check full list here

Top Nifty 50 gainers and losers today

As many as 20 stocks settled in the green in the Nifty 50 index while the rest 30 ended in red.

Shares of Shriram Finance Ltd (up 3.65%), NTPC Ltd (up 2.28%), Divi's Laboratories Ltd (up 1.74%), Tata Consultancy Services Ltd (up 1.71%), and Tech Mahindra Ltd (up 1.59%)ended as top gainers.

On the other side, Nestlé India Ltd (down 2.60%), Bajaj Auto Ltd (down 2.01%), Dr Reddy's Laboratories Ltd (down 1.71%), Kotak Mahindra Bank Ltd (down 1.39%), and Britannia Industries Ltd (down 1.31%) were among the laggards.

Sectoral indices today

Amongst sectoral indices, Nifty PSU Bank (up 1.78%), Nifty IT (up 0.73%), Nifty Media (up 0.57%), Nifty Bank (up 0.17%) closed in green. On the other side, Nifty Realty (down 2.58%), Nifty FMCG (down 0.43%), and Nifty Auto (down 0.27%) ended in red.

Also Read: Less chance of market repeating FY24 returns this year, says Krishnan VR of Marcellus

Experts' Views on Markets

The Nifty 50 closed flat at 22435 levels after trading in a confined range with a bearish bias, according to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd. Nifty Smallcap 100 up 1% and Nifty Midcap 100 up 0.4% indicated that the broader market did better. 

PSU Bank was the biggest gainer among the mixed bag of sectors. Ahead of the crucial macro data release in the US and Europe, as well as the RBI policy meeting, markets are moving cautiously. We will also be closely observing US Fed Chair Powell's address. Until the events take place, we anticipate that the market will consolidate over the coming days.

Technical Views 

"Nifty 50 remained volatile throughout the day after an initial weak start attributed to negative global cues. Despite this, the overall sentiment remains robust as the index sustains itself above key moving averages. The Relative Strength Index (RSI) indicates bullish momentum in the short term. Over the short term, the index may trend towards 22,650. Support is positioned at 22,350 on the lower end," said Rupak De, Senior Technical Analyst, LKP Securities.

Also Read: SRM Contractors share price hits 5% upper circuit after muted listing; What should investors do?

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 03 Apr 2024, 03:29 PM IST
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