Sensex, Nifty takes a U-turn to end flat

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After crossing the psychological levels of 50,000 on the Sensex and 15,000 on Nifty indices took a U-turn as traders roll over positions in the F&O segment from the near month of April series to the May series. At close, Sensex, rose 32 points or 0.06% at 49,765. The Nifty 50 index added 30 points or 0.2% to end at 14,894.

Bajaj Finserv was the top gainer in the Sensex pack, rallying 6.60 per cent, followed by Bajaj Finance, Axis Bank, Reliance Industries, IndusInd Bank, Dr Reddy’s and Sun Pharma.

On the other hand, HDFC, HCL Tech, Bajaj Auto, L&T, SBI and M&M were among the major laggards, dropping up to 1.76 per cent.

“The domestic market was torn between negatives and positives on volatile trade owing to the monthly F&O expiry. The Fed in its meeting sealed economic confidence by keeping its monetary policy loose and reaffirming aggressive support through bond buying.

“Metal stocks continue to outshine other sectors on strong outlook,” said Vinod Nair, Head of Research at Geojit Financial Services.

Sectorwise, the Nifty Metal index touched a record high of 4,869 and ended with gains of 4.5% at 4,855 levels. On the downside, the Nifty PSU Bank index skidded 1.3% followed by losses in the Nifty Auto index, down 1%.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index fell 0.13% while the S&P BSE Small-Cap index added 0.13%. Sellers outnumbered buyers. On the BSE, 1,413 shares rose and 1,527 shares fell. A total of 182 shares were unchanged.

Politics:

The eighth and final phase of voting in Bengal is underway today. All eyes will be glued to the exit polls for four states and one Union Territory. As per the Election Commission, exit polls for West Bengal, Assam, Tamil Nadu, Kerala and Puducherry can be published at 7.30 pm today (29 April, Thursday) — an hour after polls close. Votes will be counted on 2 May 2021.

Global markets:

Shares in Europe and Asia advanced on Thursday as investors reacted to the U.S. Federal Reserve’s decision to keep its easy money policy in place.

Wall Street ended lower on Wednesday after the U.S. Federal Reserve held interest rates and its monthly bond-buying program steady and gave no sign it was ready to reduce its support for the recovery.

The Fed left its benchmark short-term rate near zero, where it’s been since the pandemic erupted nearly a year ago, to help keep loan rates down to encourage borrowing and spending. It also said in a statement after its latest policy meeting that it would keep buying $120 billion in bonds each month to try to keep longer-term borrowing rates low.

In a statement Wednesday, the Fed said the economy and job market have strengthened, and while inflation has risen, Fed policymakers ascribed the increase to temporary factors.

(With inputs from agencies.)