News Karnataka
Thursday, December 01 2022
Business

Political turmoil subdues markets, Sensex trades flat

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Mumbai: Political turmoil, coupled with upcoming US macro-data and thin volumes, subdued Indian equity markets which were trading flat during the mid-afternoon session on Tuesday.

Initially, both the bellwether indices of the Indian equity markets opened on a flat note in sync with their Asian peers.

However, both the key indices rose on the back of stock-specific buying and lower crude oil prices.

In addition, the passage of crucial bankruptcy bill in the Lok Sabha on Monday kept investors’ sentiments high.

Further, the clarity on the status of the GST (Goods and Services Tax) bill getting delayed due to the parliamentary logjam increased risk-taking appetite of investors.

The barometer 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was trading flat. It was marginally lower by 28 points.

Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) remained flat. It was trading 11 points or 0.14 percent down at 7,823.65 points.

The Sensex of the S&P Bombay Stock Exchange (BSE), which opened at 25,731.07 points, was trading at 25,707.67 points — down 28.23 points or 0.11 percent from the previous day’s close at 25,735.90 points.

The Sensex has so far touched a high of 25,787.21 points and a low of 25,485.17 points during the intra-day trade.

The Sensex had closed the previous session on Monday, up 216.68 points or 0.85 percent, while the Nifty was higher by 72.50 points or 0.93 percent.

“The Indian markets are trading flat with a negative bias, though they recovered a bit after the initial slide, as thinner volumes pushed markets higher,” Anand James, co-head, technical research desk with Geojit BNP Paribas Financial Services, told IANS.

“However, parliamentary turmoil and the upcoming US GDP (gross domestic product) figures are capping gains on the higher side.”

The US GDP figures will be closely followed by investors, as it is the first crucial data greeting markets after the FOMC (Federal Open Market Committee) decided to raise US benchmark rates.

Nitasha Shankar, vice president for research with YES Securities, said the technical oscillators are moving sideways affirming a range-bound movement.

“Broader markets, however, are outperforming as stock-specific buying is seen,” Shankar told IANS.

“Realty, bank, pharma and telecom stocks are witnessing fresh buying, while IT (information technology), FMCG (fast moving consumer goods) and auto stocks are trading in the red.”

 

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