The stock market indices in India traded almost flat after opening in red during the session on Wednesday. The broader Nifty 50 closed at 22,434 points, 18 points below the previous trading session, while the Sensex closed at 73,876 after shedding 27 points.
20 out of the Nifty 50 companies closed in the green while 30 closed in the red at the end of the trading session on Wednesday handing an edge to the bear operators in the market.
Shrirama Finance Ltd was among the top gainers clocking up to three per cent gains, while NTPC registered around two per cent gainst and Divi's Lab Ltd and TCS witnessed around 1.7 per cent gain each.
Nestle India, Bajaj Auto and Dr. Reddy's Laboratories Ltd were among the top losers among the Nifty 50 stocks during today's trade. The performance was mixed among the broader indices with small and mid cap stocks witnessing gains.
On the other hand, the Bank Nifty index ended higher by 0.24 per cent or 113.55 points to close at 47,624.25 points. PSU Banks and IT stocks performed well, while Realty and FMCG stocks witnessed drops.
Investors and market experts are of the opinion that the market is cautious with the RBI monetary policy report to come and amid a decline in the Wall Street with major US indices and the Dow Jones Industrial Average also closing in the red shedding more than one per cent during the trading on Tuesday.
Soni Patnaik of JM Financial Services Ltd was quoted by ANI as saying, "The market is cautious ahead of the Monetary Policy report which is due at the end of this week. Apart from this Nifty 50 has a very strong support at 22,300 level and any move above the 22,550 can see a fresh round of rally."
The equities witnessed a decline amid a robust economic data and higher commodity prices due to speculations of prolonged central bank interest rate hikes in the Asian socket market.
The market also showed a cautious approach after a strong earthquake hit the Taiwan region, a vital chip-making location in the world.
