Indian stock indices witness a steady start to a new week; Sensex-Nifty largely flat - World News Network

New Delhi [India], August 19 (ANI): The benchmark indices Sensex and Nifty closed flat on Monday. The market in the initial trading hours was buoyed by the reduction in windfall tax on crude oil and favourable global cues, but ended flat after the trading session.
At the end of the first day of the week, the Sensex fell 12 points to 80,425 while the Nifty rose 31 Points To 24,573. Nifty Bank Falls 149 points to 50,368 While the Midcap Index Gains 105 points to 57,761.
The Key gainers in the Nifty 50 included Hindalco, BPCL, Tata Steel, Shriram Finance, and LTIMindtree. Conversely, M&M, Bajaj Auto, Axis Bank, IndusInd Bank, and Tata Motors were notable decliners.
The broader market indices showed positive momentum, with the BSE MidCap rising by 0.53 per cent and the BSE SmallCap advancing by 1.13 per cent.
Sector performance was mixed, with the Nifty Auto index declining by 0.9 per cent and the Nifty Private Bank index falling by 0.5 per cent. However, the Nifty Metal and PSU Bank indices increased by 1.87 per cent and 1.2 per cent, respectively.
“The recovery in global markets is supporting the index’s positive tone, but the underperformance of banking majors is limiting momentum,” said Ajit Mishra, SVP, Research, Religare Broking Ltd.
“The Indian market failed to catch up with the initial gains as there is a degree of profit booking witnessed in auto stocks due to a slowdown in demand,” said Vinod Nair, Head of Research, Geojit Financial Services.
“However, oil stocks gained momentum with the reduction in windfall tax on crude oil. The recent healthy US economic data diminished the likelihood of a US recession, while a slide in the dollar index supported the hypothesis of a rate cut in the September FOMC meeting,” he added.
“Short-term market performance remains cautious amid weak Q1FY25 earnings and muted topline growth, though long-term prospects are seen as favorable,” Varun Aggarwal MD, Profit Idea.
On the global front, the US unemployment claims dropped to 227,000, and the government deficit surged to USD 1.5 trillion in the first ten months of FY 2024. The UK’s GDP grew by 0.6 per cent QoQ in Q2, with CPI inflation slightly up to 2.2 per cent in July.
The Euro Area industrial production decreased by 3.9 per cent YoY in June, while Japan’s economy expanded at an annualized 3.1 per cent in Q2. China reported a 2.7 per cent increase in retail sales for July and a 5.1 per cent rise in industrial production.
Later this week, investors will keep an eye on the US Fed chief Jerome Powell’s speech at the Jackson Hole symposium. (ANI)

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