Markets drift higher in range-bound session

Update: 2024-08-28 11:51 IST

Mumbai: Stock market benchmark indices Sensex and Nifty ended on a flat note after a volatile session on Tuesday due to the emergence of profit-taking near record high levels amid rising geopolitical tensions in the Middle East and Ukraine.

The NSE gauge, however, hit a new lifetime peak of 25,017. According to traders, profit booking in metal, consumer durable and FMCG shares negated gains in telecom, teck and IT stocks.

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After oscillating between highs and lows, the 30-share BSE Sensex eked out a marginal gain of 13.65 points or 0.02 per cent to settle at 81,711.76 - its sixth consecutive session of rise.

During the day, it hit a high of 81,919.11 and a low of 81,600.51. The NSE Nifty ended almost flat, up 7.15 points or 0.03 per cent, at 25,017.75 -- its ninth straight session of gains.

The market capitalisation (mcap) of BSE-listed companies rose by Rs0.85 lakh crore to Rs4,63,14,927.77 cr (Rs463.15 lakh cr or $5.52 trn). “The domestic market witnessed profit-booking near record highs. While the positive expectations regarding a potential rate cut by the Fed in September remain, the recent geopolitical tensions and rising crude oil prices have made investors cautious amid high valuations. Further, the recent shift in FII stance towards the domestic market and the anticipation that the RBI will align with the Fed’s actions are expected to foster a positive outlook in the near term,” said Vinod Nair, head (research), Geojit Financial Services.

In the broader market, the BSE midcap gauge climbed 0.58 per cent, and smallcap index went up by 0.50 per cent.

“Trading session lacked momentum due to weak investor participation on account of Janmashtami and ended almost unchanged from its previous close.

Weak US market cues and subdued Asian indices prompted local investors to book profit towards the fag-end, indicating that intraday volatility will continue amid growing geopolitical tensions and sluggish global growth,” added Prashanth Tapse, senior V-P (research), Mehta Equities Ltd.

On the other hand, metal, consumer durables, power, commodities and consumer discretionary were among the laggards.

“There are both headwinds and tailwinds for the market now. Headwinds are coming from the escalation of geopolitical tensions in the Middle East and Ukraine. Brent crude has shot up above $81.

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