Markets remain range-bound on F&O expiry day

Mumbai: Equity benchmarks Sensex and Nifty ended on a flat note for the second straight session on Thursday amid expiry of monthly derivatives contracts and a muted trend overseas.

After trading range-bound through the session, the 30-share BSE Sensex ended just 4.89 points or 0.01 per cent higher at 55,949.10. Extending its rising streak for the fourth day, the broader NSE Nifty advanced 2.25 points or 0.01 per cent to its fresh closing peak of 16,636.90. Reliance Industries was the top gainer in the Sensex pack, rising 1.29 per cent, followed by M&M, HCL Tech, ICICI Bank, Axis Bank, HUL and Nestle India. On the other hand, Bharti Airtel, Maruti, PowerGrid, SBI, Tata Steel, NTPC and Sun Pharma were among the laggards, tumbling up to 4.18 per cent.

"Indian market started flat to marginally negative following negative Asian market cues as South Korea's central bank hiked interest rates, making it the first developed economy to do so in the pandemic era. During the afternoon session, markets attempted a comeback following buying in blue chip stocks from across various sectors. Sentiments were positive amid reports that Indian economic growth likely touched a record high in the June quarter. However, markets trimmed their gains in the closing session as a report from ratings agency Moody's said India's second Covid-19 wave has increased asset risks for banks in retail and the SME loan segment," said Narendra Solanki, head (equity research-fundamental), Anand Rathi.

Foreign institutional investors (FIIs) continued their selling spree, offloading shares worth a net Rs 1,071.83 crore on Wednesday, as per exchange data.