Sensex closes flat in cautious trade ahead of earnings season

FSMNews

Vinod Nair, Head of Research, Geojit Financial Services, said: "Positive global cues and improvement in domestic service PMI (Purchasing Managers' Index) data for December helped the market to move out of the subdued phase of trading".

The index surged 3.26 percent, or 741.39 points, to close at 23,506.33, the highest since January 1992.

The benchmark BSE Sensex finished marginally lower at 33,793.38 and the Nifty index ended little changed with a positive bias at 10,443.20 as investors awaited corporate results from TCS and Infosys scheduled next week.

The BSE Mid-cap and BSE Small-cap indices were up 0.49% and 0.76%, respectively.

Tata Steel, L&T and Dr Reddy's gained the most on both indices, while Tata Motors, Axis Bank, and Tata Power were the top losers.All sectoral indices ended in the green, barring IT and auto, with PSU banks, infra and metals being the biggest gainers.

Overseas, Asian shares were trading higher.

FSMNews

Foreign portfolio investors (FPIs) net bought shares worth Rs 325.91 crore on Monday and domestic institutional investors (DIIs) also bought equities to the tune of Rs 1,300.31 crore.

Titan rose 1.30 per cent after the company said its third-quarter jewellery retail growth is in-line with its expectation.

Metal stocks continued to rise with the Nifty Metal index gaining as much as 1.8 per cent to a record high.

ICICI Bank (+1.7%), Vedanta (+1.3%), Hindalco (+1.2%), HPCL (+1.08%) and Adani Ports (+1.02%) were the top gainers on Nifty50.

The gains in riskier assets came as industry surveys from Germany and Canada showed quickening activity. The local unit on Tuesday closed at 63.48 a dollar, up 0.31 per cent from its previous closing.

The rupee hit its highest level against the dollar in about two-and-a-half years amid signs of weakness in the United States currency, and indications of strength in emerging economies.

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