Sensex, Nifty end flat; Tata Chemicals jumps 12%, IGL 6%; SpiceJet sheds 5%

CLOSING BELL: Among sectors, the Nifty IT index slipped 0.9 per cent, while the Nifty Metal index advanced 1.6 per cent

CLOSING BELL

Stock market highlights: Domestic equities stayed range-bound below the flat line on Wednesday as lack of domestic triggers kept investors on the sidelines. The S&P BSE Sensex closed 36 points, or 0.06 per cent, lower at 58,817, while the Nifty50 shut shop at 17,535, up 10 points or 0.06 per cent.

Hindalco, UPL, Apollo Hospitals, Coal India, Tata Steel, Tata Motors, and Bharti Airtel were the top large-cap gainers, up between 1.5 per cent and 4.5 per cent. On the downside, Bajaj Finance, ONGC, Asian Paints, HCL Tech, Wipro, Adani Ports, and SBI fell over 1 per cent.

In the broader markets, the BSE MidCap and SmallCap indices fell 0.15 per cent each on the back of losses in Natco Pharma, Oil India, MRF, YES Bank, Everest kanto Cylinders, Dynemic Products, and Sequent Scientific.

Among sectors, the Nifty IT index slipped 0.9 per cent, while the Nifty Metal index advanced 1.6 per cent.

Jefferies sees 15% downside in markets

The pullback in the Nifty from its recent lows looks unsustainable, said analysts at Jefferies in a recent note even as they acknowledged the improved US outlook on lowered inflation expectations and lower recession risks. READ MORE

Global cues

World stocks were mixed on Wednesday as global investors await a key US inflation print. In Europe, the pan-European Stoxx 600 slipped 0.2 per cent in early trade, while futures linked to main Wall Street indices gained between 0.2 per cent and 0.3 per cent on Wall Street.

In Asia, Japan's Nikkei dipped 0.6 per cent, and South Korea's Kospi eased 0.9 per cent. Hong Kong's Hang Seng, meanwhile, shed nearly 2 per cent.