Stock Market Today: Nifty, Sensex Close Flat As IT Stocks Help Recover From Day's Low
The Nifty 50 ended 0.08% lower at 23,688.95, and the Sensex lost 0.06% to close at 78,148.49.
KEY HIGHLIGHTS
US Futures Rise
As of 3:26 p.m., the Dow Jones Industrial Average was 0.22% higher at 42,897.00, and the S&P 500 future was 0.25% higher at 5,969.50. The Nasdaq 100 future was 0.29% higher at 21,421.75.
Rupee Ends At Record Closing Low Against Dollar
Rupee weakened by 14 paise to close at 85.86 against the US dollar. It closed at 85.72 on Tuesday.
Source: Bloomberg
Stock Market Live Update: Nifty, Sensex Close Flat
Indian equities sailed through a volatile session on Wednesday to end flat as the benchmark Nifty found vital support. A reversal in information technology stocks helped offset declines in pharma and financials. Apollo Hospitals Ltd. and Trent Ltd. were top losers.
The Nifty 50 ended 199.60 points or 0.83% higher at 23,688.95, and the Sensex lost 50.62 points or 0.06% to close at 78,148.49.
During the session, the Nifty declined 0.89% to the day's low of 23,496. The Sensex fell 0.91% to the day's low of 77,486.
"We have seen wild swings in the market as if there is a tug of war between bears and bulls. The VIX has also spiked up as happens in January," Shivangi Sarda, analyst at Motital Oswal, said.
While the upside remains capped on the Nifty at 23,800, the index today did not break the support at 23,500 which came as a breather, she said. "However, swings cannot be ruled out. Options strategy-based trades will be advisable in such a volatile market and stay hedged," Sarda said.
HDFC Bank Ltd., ICICI Bank Ltd., Larsen & Toubro Ltd., and Trent Ltd. weighed on the Nifty 50 index in terms of points contribution.
On the other hand, additions came from Reliance Industries Ltd., ITC Ltd., Tata Consultancy Services Ltd., and Oil and Natural Gas Corp.
Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices ended 1.09% and 1.12% down, respectively.
On the BSE, 14 sectors declined, and seven advanced out of 21. The BSE Oil and Gas rose the most, and the BSE. Consumer Durables declined the most.
Market breadth was skewed in favour of buyers. Around 2,579 stocks declined, 1,391 stocks advanced, and 96 stocks remained unchanged on BSE.
Apollo Hospitals Stock Update: Citi Hikes Target Price
Citi has hiked target price for the Apollo Hospitals share price from Rs 7,670 to Rs 8,520.
The brokerage revised its two year EPS down by 2-7% to reflect the impact of current trends and the addition of new hospitals. Additionally, it has rolled forward its target multiple to September 2026 from the earlier March 2026.
Apollo Hospitals Share Price Down 4%
Apollo Hospitals Ltd. share price fell as much as 4% to Rs 7,134 apiece.
