Indian markets close flat as they await cues from US inflation data
Sensexclosed 35 points lower at 58,817 while Nifty50managed to end 9 points higher at 17,534.
- Metals company stocks were the biggest gainers on Dalal Street with Hindalco Industries being the top gainer followed by Coal India Tata Steel.
- Hindalco reported an all-time high quarterly net profit for June quarter at ₹4,119 crore.
AdvertisementIndian markets traded flat today on Wednesday following cues from its Asian and US peers ahead of the
Sensex closed 35 points lower at 58,817 while Nifty50 managed to end 9 points higher at 17,534.
Metals company stocks were the biggest gainers on Dalal Street. Hindalco Industries was the top gainer as it went up 4.4% gains followed by Coal India that went up and Tata Steel by 1.8%.
Hindalco reported an all-time high quarterly net profit for June quarter at ₹4,119 crore with revenue rising to ₹58,018 crore as against ₹41,358 crore last year.
Meanwhile, IT and real estate stocks were the biggest losers.
Analysts believe the market mood has changed amid massive volatility due to macro economic conditions. July turned out to be the best month as of now, in this current financial year, with the Nifty and Sensex surging by over 8%.
FIIs reversed their trend of huge sell off and are now buying in some pockets. So far, in August, FIIs bought assets worth over ₹ 17,000 crore including equity, debt and hybrid.
“Foreign investors are returning and are here to stay this time because of India's strong economic growth. The IMF revised India's GDP growth, but India will still be the fastest-growing large economy in the world. And if the economy grows, India Inc's earnings would also increase. And with a rise in India Inc earnings, FIIs would look to chase the growth story,” said Sunil Damania, chief investment officer at MarketsMojo.
“Given favorable conditions, FIIs will have every reason to return to the Indian equity market as they look to invest in countries that can help them generate alpha on the portfolio,” said Damania.
Besides, the southwest monsoon has progressed well with 8% above normal range until July 31, which will further help boost the rural economy and reduce food inflation.
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