Sensex Ends Flat; IT And FMCG Stocks Witness Selling

After opening the day at record high levels, Indian share markets erased gains to end on a flat note led by a decline in IT and FMCG stocks.

At the closing bell, the BSE Sensex stood lower by 50 points. Meanwhile, the NSE Nifty ended down by 1 point.

In intraday trade today, the Sensex rallied over 300 points to hit a fresh record high while the Nifty rose above 15,400.

Power Grid was among the top gainers today. Axis Bank, on the other hand, was among the top losers today.

SGX Nifty was trading at 15,323, down by 10 points, at the time of writing.

The BSE Mid Cap index ended up by 0.2%. The BSE Small Cap index ended higher by 0.5%.

Sectoral indices ended on a mixed note with stocks in the power sector and metal sector witnessing buying interest.

IT stocks and FMCG stocks, on the other hand, witnessed selling pressure.

Asian share markets ended higher today with Japanese stocks rising to 30-year highs as progress in the distribution of coronavirus vaccines boosted expectations that the global economy is poised for a strong recovery.

The Nikkei ended up 1.3% at 30,467.75, closing at its highest since August 1990.

US stock futures are trading higher today indicating a positive opening for Wall Street indices. Nasdaq Futures are trading up by 52 points, while Dow Futures are trading higher by 186 points.

The rupee is trading at 72.71 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.4% at Rs 47,428 per 10 grams.

In news from the IPO space...

RailTel Corporation of India kicked off its Rs 8.2-billion initial public offer (IPO) today. The IPO saw strong demand as the issue was oversubscribed in the first few hours.

The public offer was subscribed 1.57 times in early morning deals. The issue received bids for 96 million equity shares against an offer size of over 61.1 million shares.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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