In Morning, after a weak start, the equity market remained in negative for the most part of the session, last hour buying helped the indices to recover and close on a flat line
Nifty opened at 17,287.20 & touched an intraday low of 17,216.95, Then Market took a pause after the recent rebound and ended almost unchanged.
Finally settled closer to the day’s high to close at 17,314.65 levels down 17.15 points because of losses in Oil & gas, Metals & IT sector.
Market is not able to find the direction
India Stock Market is searching for the direction ahead of the reasons being:
Indian equity market ended on a flat note in the highly volatile session today, as investors remain concerned as monthly US nonfarm payroll numbers which are due later today.
US market is still choppy ahead of job market data, before the release of US jobs data the domestic market traded with cuts in line. Now job data may lead to a market decline as it could give the Fed more reasons to focus on inflation.
Oil hits three-week high as market, announcement of supply reductions, crude prices have continued to rise. It is also leading the direction of market.
The biggest gainers of the session on the Nifty 50:
- Titan Company Ltd which rose 5.31% or 137.65 points to trade at 2,730.50 at the close
- Power Grid Corporation of India Ltd added 1.50% or 3.10 points to end at 209.40
- IndusInd Bank Ltd. was up 1.04% or 12.50 points to 1,213.40 in late trade.
The biggest losers of the session on the Nifty 50:
- Tata Consumer Products Ltd which lost 1.69% or 13.40 points to trade at 780.90 in late trade
- Coal India Ltd declined 1.63% or 3.80 points to end at 229.70
- Bharat Petroleum Corp. Ltd. declined 1.52% or 4.75 points to 307.40.