The Indian equity markets saw a flat trend on Wednesday, halting a three-day winning streak, with investors exercising caution ahead of the CPI data release. The Sensex ended the day down by 40 points, settling at 84,233, while the Nifty recorded a minor gain of 18 points, closing at 25,953.
In line with the main indices, the broader markets also showed similar movements, with the Nifty Midcap 100 index rising by 0.03% and the NSE Smallcap 100 edging up by 0.02%. Market breadth was negative, with 2,259 stocks declining compared to 1,701 advancing on BSE.
Most sectoral indices witnessed gains, except for Nifty IT and private banks. Nifty IT was the top loser, dropping by 1.76%, while Nifty auto, pharma, and PSU bank sectors posted gains of 1.30%, 1.01%, and 1.03% respectively.
Rupee traded slightly weaker at 90.68 per dollar, a decrease of 0.13 paise, amidst mixed global cues and range-bound movement. The rise in crude prices, especially due to increased imports from Western markets, may lead to a wider import bill, exerting pressure on the currency.
Nifty50 continued to trade within a range, with specific stock movements dominating the market, awaiting a clear directional breakout. Bank Nifty closed marginally higher around 60,750, maintaining support above 60,500, signaling a range-bound trend with a positive bias.
In January, Nifty50 saw a 3.10% decline, but marked a 7.71% increase over the past year. Nifty 500 remained steady in January, ending the year with a 6.94% rise, while midcap and smallcap indices showed negative trends, declining by about 3.53% to 5.52%.
