Indices end flat erasing early gains tracking mixed global cues

Benchmark indices ended almost flat on Tuesday, erasing all the early gains, tracking mixed global cues.

At close, Sensex ended at 59,196.99, which was 48.99 points, or 0.08 per cent, down from its previous close, and Nifty closed 10.20 points, or 0.06 per cent, down at 17,655.60.

About 1,787 shares advanced, 1,660 shares declined and 141 shares remained unchanged.

BSE LargeCap ended 0.08 per cent up, and BSE SmallCap and MidCap closed 0.10 per cent and 0.47 per cent up, respectively.

"Domestic indices wiped out its early gains to close flat, tracking mixed global cues. While the energy crisis and ECB interest rate decision later in the week pressurised European markets. Chinese policymakers' renewed efforts to strengthen its economy boded well for the Chinese bourses. In an effort to stabilise declining oil prices, OPEC+ opted to cut back on the output given the faltering global growth outlook," said Vinod Nair, Head of Research at Geojit Financial Services.

Asian stocks had a mixed day today with Nikkei ending almost flat and European shares opening higher after depressing Monday session.

Earlier on Tuesday, Moody's Investors Service has retained India's sovereign ratings to Baa3 with Stable outlook.

The impact of the Russia-Ukraine conflict, higher inflation and tightening global financial conditions on the back of policy tightening, to derail India's ongoing recovery from the pandemic in 2022 and 2023, Moody's said in a release.

"The stable outlook reflects our view that the risks from negative feedback between the economy and financial system are receding," it said.

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