India’s benchmark indices closed flat on Tuesday as investors remained cautious ahead of the release of key CPI inflation data from both the US and India.
The Sensex inched up 1.59 points to 81,510.05, while the Nifty dipped 8.95 points to close at 24,610.05.
Out of the Nifty’s 50 constituents, 23 stocks advanced, while 27 declined. Leading the gains were Shriram Finance, Bajaj Finserv, HCL Technologies, Wipro, and Infosys, while Bharti Airtel, Dr. Reddy’s Laboratories, Adani Ports, Adani Enterprises, and HDFC Life were the top laggards.
VLA Ambala, co-founder of Stock Market Today, attributed the market’s muted performance to investor caution.
“During Tuesday’s session, the Sensex and Nifty traded in a narrow range as investors remained cautious ahead of the upcoming US and India CPI data. However, the market turned negative at the end of the day, driven by energy and telecom stocks. In contrast, the IT index was the highlight of the day by hitting a record high of 45,377.75. This movement was supported by more favorable global market conditions and the depreciation of the rupee against the US dollar,” Ambala said.
The rupee fell to a new low of 84.8575 against the US dollar, amid speculation of future rate cuts following the announcement of Sanjay Malhotra as the next Reserve Bank of India governor.
(With ANI input)