Indian benchmark indices reacted mildly on Wednesday to yesterday’s sell off at the Wall Street and Europe even as the world awaits the outcome of the Greek referendum on Friday on the EU bailout package.
The Nifty closed marginally in the green 0.5 points up over Tuesday’s close of 5,257.95. The Sensex was in the red by 16 points and closed at 17,464.85.
Indices were either marginally in the green or in the red on both the NSE and the BSE.
Meanwhile, global markets continued their downward movement with the English FTSE 100 down 3.25 per cent and the German DAX down 5.8 per cent in intra-day trade on issues of recapitalisation of banks at the time of writing this report.
“It’s just a matter of time for this to spill over to India also,” said a dealer from an Indian brokerage. “The latest PMI data from the UK and US has also not been encouraging.”
RCom, R Power, R Infra, HCL Tech and Dr Reddy were the top gainers on the Nifty while PNB, Bharti Airtel, Hero Motocorp, ICICI Bank and Tata steel were the top losers.
With the two index heavyweights Reliance Industries and SBI closing positively, the NSE Nifty closed in the green by a mere 0.50 points.
The CNX Nifty closed at 5,258.45, a gain of 0.50 points or 0.01 per cent.
Though the advance-decline ratio at 25:23 was in favour of the gainers, only three stocks made gains that were in double digits in terms of value.
While Dr. Reddy’s was the biggest gainer with the stock up by Rs 27 to close at Rs 1,637, Reliance gained Rs 11.80 to end at Rs 872.40 and SBI was up by Rs 12.60 to close at Rs 1,914. Other stocks like RCom, Reliance Infra, HCL Tech and Ranbaxy made small gains.
Among the biggest losers were Hero Motocorp that shed Rs 52.40 to close at Rs 2,084.95 and PNB that shed Rs 34.15 to end the day at Rs 978.50. Grasim, ICICI Bank, Axis Bank, Maruti and Bharti Airtel shed value marginally.