The Indian stock market closed higher on Wednesday, buoyed by mixed global cues and domestic corporate earnings, even as uncertainty loomed over a potential India-US trade deal ahead of the August 1 deadline.
Quarterly earnings for the June quarter also played a role in shaping market sentiment during the trading session.
The Sensex ended the day at 81,481.86, up 143.91 points or 0.18 per cent. The 30-share index opened with a decent gap-up at 81,594.52 compared to the previous close of 81,337.95. It traded in a narrow range through the day, hitting an intraday high of 81,618.96.
The Nifty 50 settled at 24,855.05, gaining 33.95 points or 0.14 per cent.
“Sentiment remained subdued due to the lingering uncertainty over the trade deal, following the latest statement from the US President about potential tariffs on India, and the delays in finalising the agreement ahead of the August 1 deadline,” said Ajit Mishra, SVP – Technical Research at Religare Broking Ltd.
He added that investor caution also prevailed ahead of the outcome of the US Federal Open Market Committee (FOMC) meeting. While no change in interest rates is expected, the Fed’s commentary will be closely tracked.
Among the top gainers on the Sensex were L&T, Sun Pharma, NTPC, Maruti Suzuki, Bharti Airtel, Trent, and Axis Bank. On the other hand, Tata Motors, Power Grid, Bajaj Finserv, and Kotak Mahindra Bank ended in the red.
In sectoral indices, Bank Nifty shed 71 points, dragged down by weakness in banking stocks-particularly PNB-following its subdued Q1 earnings. Meanwhile, Nifty IT, FMCG, and Financial Services closed the session in the green.
The broader market saw a mixed performance amid volatility. While Nifty Next 50 and Nifty 100 posted marginal gains, the Nifty Midcap 100 and Nifty Smallcap 100 indices closed lower.
The Indian rupee recorded its steepest single-day decline since May 8, hitting a five-month low.
“This sharp depreciation was primarily driven by increased month-end dollar demand and outflows from foreign funds,” said Dilip Parmar, Research Analyst at HDFC Securities.
-IANS