On Wednesday, the benchmark stock indices, S&P BSE Sensex and NSE Nifty50, displayed a mixed performance amidst heightened volatility, eventually closing with marginal changes. The S&P BSE Sensex experienced a slight dip of 45.46 points, concluding the session at 73,466.39, while the NSE Nifty50 remained relatively flat at 22,302.50 points.
Financial stocks sustained their downward trend for the fourth consecutive session, registering a decrease of 0.53%. Conversely, IT shares, following two days of gains, retreated by 0.41%.
Sanjeev Hota, Vice President and Head of Research at Sharekhan, remarked to Reuters that continuous foreign selling activities are expected to maintain pressure on the market, as domestic investors adopt a cautious approach amidst the prevailing volatility.
The volatility index, an indicator of market uncertainty, closed at 17.08, marking a 15-month high for the third consecutive day. This surge in uncertainty can be attributed to various factors including ongoing Lok Sabha elections, foreign capital outflows, and divergent analyst opinions on corporate earnings.
Hero MotoCorp emerged as the top performer on the Nifty50, recording a notable increase of 3.06% following better-than-expected quarterly profits.
Meanwhile, refining companies like BPCL, HPCL, and Indian Oil witnessed gains ranging from 1.75% to 3%, buoyed by a decline in crude oil prices amid apprehensions regarding demand.
On the downside, pharmaceutical giant Dr Reddy's emerged as the top decliner on the Nifty50, shedding 3.22% despite surpassing profit estimates, primarily due to a cautious mid-term outlook as highlighted by analysts.
Voltas experienced a significant decline of 5.07% after falling short of quarterly profit expectations.
