Markets end flat as investors maintain caution
The BSE Sensex closed 0.06% lower at 33,793.38, while the broader Nifty ended 0.01% higher at 10,443.20
Even as the indices traded slightly higher in the morning on strong rally in Asian stocks, the market closed flat.
Shares rose on expectations of an improvement in the global economy, but gains were capped ahead of key corporate results starting next week, according to a Reuters report.
The BSE Sensex closed 0.06% lower at 33,793.38, while the broader Nifty ended 0.01% higher at 10,443.20.
Adani Ports (up 2.78%), L& T (up 2.17%), Hindalco (up 1.6%), ICICI Bank (1.68%) and Ambuja Cements (1.66%) were gainers on the Nifty 50 index, while auto and pharma stocks were among the losers.
The MSCI`s index of Asia-Pacific shares outside Japan rose 0.4%, after having jumped 1.4% on Tuesday in its best performance since last March.
Investors in India are awaiting corporate results, including from Tata Consultancy Services and Infosys that are scheduled next week, amid signs the economy is recovering after the withdrawal of high-denomination currency bills in late 2016 and the introduction of a national goods and services tax last year, the report said.
This earnings season will be the most important in a long time as expectation is that impact of demonetisation and GST would have been completely absorbed, the report added.
Market heavyweight Reliance Industries contributed the most to index gains after it said on Tuesday that it commissioned a refinery off-gas cracker at Jamnagar in Gujarat.
Metal stocks continued to rise with the Nifty Metal index gaining as much as 1.8%. Hindalco Industries (up 1.60%) and Vedanta (up 1.54%) were among the top gainers on the benchmark Nifty.
Led by telecom, oil & gas, banks, financials and FMCG stocks, the Sensex surged 118.78 points around noon.