Sensex, Nifty50 flat in morning trade: Energy, pharma stocks top gainers

• India’s benchmark indices Sensex and Nifty50 are trading flat on Wednesday morning amid negative cues in global markets.
  
• Energy and pharma stocks emerged as the top gainers, while metal and banking stocks edged lower.
  
• Adani group, LIC and Nykaa are amongst stocks in focus today.

India’s benchmark indices Sensex and Nifty50 are trading flat on Wednesday morning amid negative cues in global markets. Energy and pharma stocks emerged as the top gainers, while metal and banking stocks edged lower.

While the 30-stock Sensex gained 0.06% or 35 points to hover at 62,016, the 50-stock Nifty50 was up just 0.02% or 4 points to hover at 18,352.

Top gainers and losers on Nifty50

Source: NSE, as on May 24, 2023
Earlier on Tuesday, markets closed the day in the green led by a rally in metal, energy and auto stocks.

Gold prices edged lower to ₹60,200 per 10 grams while silver was hovering at ₹72,200 per kilogram. Crude oil prices edged up, with Brent crude hovering at $77.7 per barrel.

US debt ceiling deadlock drives markets down

Global markets edged lower amidst a deadlock in the US debt ceiling talks. While Dow Jones fell 0.66%, S&P 500 closed 1.04% lower on Tuesday. The tech-heavy Nasdaq lost 1.23%.

Sentiments in Asian markets were largely negative, too, with Nikkei 225 declining 1.09%, followed by Hang Seng which fell 1.07%. Taiwan Weighted was down 0.66%, while Shanghai Composite fell 0.35%.

Stocks to watch

Adani group: Adani group stocks will be in focus once again after US based investment firm’s founder Rajiv Jain announced that he is increasing his bet on the Gautam Adani-led conglomerate.

Wipro: It will integrate Google Cloud’s suite of Generative AI products with its own AI intellectual property and offer it to its clients.

Adani Green: The board meeting to consider a fundraising proposal has been called off due to non-availability of directors.

Ashok Leyland: Commercial vehicles maker Ashok Leyland reported a 17% YoY decline in standalone net profit to ₹751 crore in the March quarter. Revenue surged 33% to ₹11,626 crore.

Earnings today: Life Insurance Corporation of India, FSN E-commerce (Nykaa), Hindalco Industries, Piramal Pharma, Ashoka Buildcon, Nesco, Oil India, Titagarh Wagons, Hitachi Energy India, among others.

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