Sensex Closes Almost Muted
India’s BSE Sensex closed virtually unchanged at 73,598.7 after a choppy session on Tuesday, amid continued pressure from elevated crude oil prices and foreign fund outflows, while caution prevailed ahead of the US Federal Reserve’s policy decision. Weakness in banking and information technology stocks was cushioned by gains in auto and pharma stocks following upbeat earnings from sectoral companies. SBIN (-1.6%), Axis Bank (-1.5%), Asian Paints (-1.4%), HDFC Bank and ICICI Bank were the biggest laggards. On the upside, Bharti Airtel led gains, climbing 3.2%, on expectations of tariff hikes and stronger earnings ahead of Jio Platforms’ listing, scheduled for October 28. Other top performers included Maruti (2.3%), which reported higher second-quarter revenue despite a decline in net profit. Trent, Power Grid, Eternal, BEL,Tata Steel and Sun Pharma also advanced solidly, rising between 1%-2.4%.
India’s BSE Sensex closed virtually unchanged at 73,598.7 after a choppy session on Tuesday, amid continued pressure from elevated crude oil prices and foreign fund outflows, while caution prevailed ahead of the US Federal Reserve’s policy decision. Weakness in banking and information technology stocks was cushioned by gains in auto and pharma stocks following upbeat earnings from sectoral companies. SBIN (-1.6%), Axis Bank (-1.5%), Asian Paints (-1.4%), HDFC Bank and ICICI Bank were the biggest laggards. On the upside, Bharti Airtel led gains, climbing 3.2%, on expectations of tariff hikes and stronger earnings ahead of Jio Platforms’ listing, scheduled for October 28.
Other top performers included Maruti (2.3%), which reported higher second-quarter revenue despite a decline in net profit. Trent, Power Grid, Eternal, BEL,Tata Steel and Sun Pharma also advanced solidly, rising between 1%-2.4%.