Indian stock markets end flat, Nifty extends losing streak to ninth day

Mumbai (Maharashtra) [India], March 3 (ANI): Indian stock markets ended flat on Monday, with the Nifty extending its losing streak to the ninth day amid the uncertain global situation.

At the end of the trading, the Sensex stood at 73,085.94, down 112.16 points or 0.15 percent, while the Nifty 50 ended at 22,119.30, down 5.40 points or 0.02 percent.

In today’s trading session at the National Stock Exchange (NSE), the stocks of Bharat Electronics, Eicher Motors, Grasim Industries, Wipro and JSW Steel emerged as the major gainers. On the other hand, stocks of Coal India, Reliance Industries, Bajaj Finserv, HDFC Bank, and Bajaj Auto were the major losers during the trading.

In the sectoral indices on the NSE, media, PSU banks, and oil & gas were in red territory, while consumer durables, IT, metal, and realty ended in green.

Observing the trading in Indian markets, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd., said, “The domestic benchmark index, Nifty, opened with an upward gap following strong global cues but faced selling pressure, ultimately closing flat at 22,119.”

“The market experienced a gradual recovery from its intraday low, driven by improving economic growth, a rebound in consumption expenditure, and healthy expansion in the agricultural sector, which influenced investor sentiment,” said Vinod Nair, Head of Research, Geojit Financial Services.

“With valuations approaching oversold levels, domestic indicators suggest potential for a rebound. However, the longevity of this recovery remains uncertain, contingent on easing global trade uncertainties, which currently show limited signs of improvement,” he added.

The Bank Nifty opened higher on Monday but experienced selling pressure during the session and concluded the day on a negative note at 48,114.

According to the market analysts, the market may see volatilities in the upcoming week, continuing its previous trends.

Market analysts also say that the persistent Foreign Institutional Investor (FII) selling will continue to add pressure to the sentiments of the investors.