Markets eke out slim gains; Nifty scales fresh peak

NEW DELHI: Equity benchmarks Sensex and Nifty ended on a flat note on Thursday as monthly derivatives expired amid a weak trend in global markets and sustained foreign fund outflows.

After trading range-bound through the session, the 30-share BSE Sensex ended just 4.89 points or 0.01 per cent higher at 55,949.10. Similarly, the broader NSE Nifty advanced 2.25 points or 0.01 per cent to its fresh closing peak of 16,636.90.

Reliance Industries was the top gainer in the Sensex pack, rising over 1 per cent, followed by M&M, HCL Tech, Axis Bank, ICICI Bank and HUL. On the other hand, Bharti Airtel, Maruti, SBI, PowerGrid, NTPC and Tata Steel were among the laggards.

“Indian market started flat to marginally negative following negative Asian market cues as South Korea’s central bank hiked interest rates, making it the first developed economy to do so in the pandemic era,” said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

During the afternoon session, markets attempted a comeback following buying in blue chip stocks from across various sectors, he said, adding that sentiments were positive amid reports that Indian economic growth will likely touch a record high in the June quarter.

However, markets trimmed their gains in the closing session as a report from ratings agency Moody’s said India’s second COVID-19 wave has increased asset risks for banks in retail and the SME loan segment, he noted.

Meanwhile, US equities extended gains in overnight session with S&P 500 and Nasdaq witnessing fresh record highs ahead of Fed Chairman Jerome Powell’s speech on Friday at the Jackson Hole Symposium.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul ended in the red, while Tokyo was positive. Equities in Europe were also trading with losses in mid-session deals. International oil benchmark Brent crude fell 0.60 per cent to USD 70.85 per barrel.