Sensex, Nifty end flat as energy, consumer stocks weigh in on gains

The S&P BSE Sensex added 13.65 points to end at 81,711.76, while the NSE Nifty50 gained just 7.15 points to close at 25,017.75. 

In Short

• Stock indices ended nearly unchanged
• Nifty closed with Doji pattern, indecisive sentiment
• Zee shares surged 11.49% on settlement agreement

Benchmark stock market indices ended the day nearly unchanged on Tuesday, as gains in financial stocks balanced out declines in the energy and consumer sectors.

This came as the global rally, driven by expectations of a possible rate cut in the US in September, took a breather.

"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," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

The S&P BSE Sensex added 13.65 points to end at 81,711.76, while the NSE Nifty50 gained just 7.15 points to close at 25,017.75.

Vinod Nair, Head of Research, Geojit Financial Services said that 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. IT and financial stocks continued to perform well, whereas FMCG and metal stocks saw declines. 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 Nair.

Zee's shares surged as much as 15% before settling 11.49% higher on the BSE at Rs 150.90 as it reached a settlement agreement with Culver Max Entertainment Private Limited (formerly Sony India) and Bangla Entertainment Private Limited, resolving all disputes between the parties.

Today's Nifty 50 trading saw a mix of notable gains and losses among top stocks. Leading the gainers was Larsen & Toubro (LT), which rose by 1.48%. Cipla followed closely with a 1.45% increase. Infosys also performed well, climbing 1.14%. HCLTech and Sun Pharma rounded out the top gainers, rising 0.96% and 0.71% respectively.

BPCL led the declines, dropping 1.68%. JSW Steel followed with a 1.00% decrease. Eicher Motors saw its stock fall by 0.61%, while Grasim Industries dipped 0.60%. Kotak Mahindra Bank completed the list of top losers with a 0.58% decline.

"The sentiment has entered an indecisive phase as the Nifty closed with a Doji pattern on the daily chart. The significant presence of both call and put option writers at the 25,000 strike price strengthens the technical setup. As a result, the Nifty is likely to remain range-bound or might experience a slight dip in the near term. On the lower end, 24,800 could act as immediate support, while a rise above 25,100 might push the Nifty towards 25,300," said Rupak De, Senior Technical Analyst, LKP Securities.

The Nifty Smallcap100 index led the gains, rising impressively by 1.05%, while the Nifty Midcap100 index also performed well, increasing by 0.49%, suggesting continued interest in medium-sized firms.

Meanwhile, the India VIX, often referred to as the fear gauge of the market, experienced a notable decline of 1.17%.