Stock market today: Sensex, Nifty 50 end flat on lack of fresh triggers, weak global cues

Stock market today: The Sensex closed 4 points lower at 82,555.44, and the Nifty 50 closed just 1 point up at 25,279.85.

Nishant Kumar
Updated3 Sep 2024, 04:15 PM IST
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Stock market today: Sensex, Nifty 50 end flat on lack of fresh triggers, weak global cues. AFP PHOTO/ Indranil MUKHERJEE
Stock market today: Sensex, Nifty 50 end flat on lack of fresh triggers, weak global cues. AFP PHOTO/ Indranil MUKHERJEE(AFP)

Stock market today: Frontline indices, the Sensex and the Nifty 50 closed flat on Tuesday, September 3, amid a lack of fresh catalysts, while weak global cues kept investors cautious.

The Sensex opened at 82,652.69 against the previous close of 82,559.84 but traded in a narrow range of about 274 points and eventually closed 4 points lower at 82,555.44.

The Nifty 50 opened at 25,313.40 against its previous close of 25,278.70 and touched its intraday high and low of 25,321.70 and 25,235.80, respectively. The index closed just 1 point up at 25,279.85.

Shares of SBI Life (up 1.72 per cent), Bajaj Finserv (up 1.40 per cent) and ICICI Bank (up 1.39 per cent) closed as the top gainers in the Nifty 50 index. On the other hand, shares of Bajaj Finance (down 1.36 per cent), ONGC (down 1.33 per cent) and Infosys (down 1.20 per cent) closed as the top losers in the index. Out of the total 50 stocks, 29 ended in the red in the index.

Also Read | Top Gainers and Losers today on 3 September, 2024: SBI Life Insurance Company, HDFC Life Insurance Company, Oil & Natural Gas Corporation, Infosys among most active stocks; Check full list here

The domestic market lacks fresh triggers, with most factors, including the 25 bps rate cut by the US Fed, already largely priced in amid stretched valuations. Experts believe a healthy consolidation period is needed to bring valuations back to more comfortable levels.

"Amid mixed global signals and the absence of significant new catalysts, aside from the anticipated Fed rate cut, which is already factored in, the domestic market took a breather," said Vinod Nair, Head of Research, Geojit Financial Services.

Global cues are also muted as investors await US macro prints to gauge the size of the potential Fed rate cut this month.

Major global peers, including the top European markets, were in the red when the Sensex closed, as investors focused on the US ISM manufacturing activity survey due later in the day.

The jobs data due on Friday is also a key number that will significantly impact the Fed's monetary policy, which will be announced on September 18.

“Markets ended flat in a lacklustre trading session as investors exercised caution on the back of weak Asian and European cues. The markets have been hitting new highs in the recent upsurge, and hence investors are a bit sceptical about taking further bullish bets,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

Also Read | Expert view: Nifty may correct moderately; focus on THESE sectors for 2-3 years

While the benchmarks ended flat, the mid- and small-cap segments witnessed decent gains. The BSE Midcap and Smallcap indices rose 0.19 per cent and 0.54 per cent, respectively.

BSE-listed firms' overall market capitalisation (mcap) rose to nearly 465.52 lakh crore from nearly 464.85 in the previous session.

Over 250 stocks, including Bajaj Finserv, HCL Tech, ITC, Sun Pharma, Bajaj Holdings, HDFC Life, SBI Life, ICICI Lombard General Insurance Company, Shriram Finance, Trent and United Spirits, hit their fresh 52-week highs in intraday trade on BSE.

Among the sectoral indices on the NSE, Nifty Consumer Durables (up 1.31 per cent) and Financial Services (up 0.82 per cent) closed with healthy gains.

On the flip side, Nifty Media (down 1.44 per cent), Metal (down 0.56 per cent), Realty (down 0.52 per cent) and Oil and Gas (down 0.52 per cent) lost significantly.

The Nifty Bank index rose 0.49 per cent, while the Private Bank index increased by 0.46 per cent. The PSU Bank index, however, lost 0.35 per cent.

Also Read | Stocks to buy: ICICI Bank, SBI among 9 largecap stock picks by Axis Securities

On the technical front, Shrikant Chouhan, the head of equity research at Kotak Securities, observed that a small candle on daily charts and non-directional activity on intraday charts shows indecisiveness between the bulls and the bears.

Chouhan believes that the current market texture is non-directional, and perhaps traders are waiting for either side breakout.

"For the day traders now, 25,350 would be the immediate breakout level. Above this, the market could rally up to 25,450-25,5000. The dismissal of 25,200 may trigger an intraday correction. Below 25,200, the chances of hitting 25,100 would turn bright. Further downside may also continue, which could drag the market to 25,050," said Chouhan.

"Nifty 50 encountered resistance at 25,300, highlighting strong call option writing at that strike. Moving forward, only a decisive move above 25,300 might trigger a rally toward 25,500. On the downside, support is positioned at 25,200 and 25,000," said Rupak De, Senior Technical Analyst at LKP Securities.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.

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First Published:3 Sep 2024, 04:15 PM IST
Business NewsMarketsStock MarketsStock market today: Sensex, Nifty 50 end flat on lack of fresh triggers, weak global cues

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