Mumbai, Aug 28: Indian equity benchmarks closed flat on Wednesday following volatility in the markets. At closing, Sensex was up 73 points, or 0.09 per cent, at 81,785 and Nifty was up 34 points or 0.14 per cent at 25,052.

The overall market was supported by IT and Pharma stocks. During the market hours, Nifty reached an all-time high of 25,129, against 25,078 previously.

Among the sectoral indices, IT, pharma, and healthcare were major gainers. PSU Bank, energy and FMCG were major laggards.

In the Sensex benchmark, Wipro, Bharti Airtel, IndusInd Bank, Infosys, Sun Pharma, M&M, Bajaj Finance, JSW Steel, and HCL Tech were the top gainers. Asian Paints, Maruti Suzuki, Nestle, Axis Bank, UltraTech Cement, SBI, and Kotak Mahindra Bank were the top losers.

According to the market experts, a consolidation in the US 10yr bond yield and an inflow of FIIs kept the domestic market sentiment optimistic. However, valuation remains a near-term deterrent, which will be further tested based on the upcoming India Q1 FY25 GDP data this week, they added. On the other hand, investors are giving more emphasis to defensive bets, which is evident with the outperformance in IT and pharma stocks, the experts said.

Weakness was seen in the midcap and smallcap stocks compared to largecap stocks. Nifty midcap 100 index was down 73 points, or 0.12 per cent, at 59,146 and the Nifty smallcap 100 index was down 13 points, or 0.07 per cent, at 19,319.

Rupak De, Senior Technical Analyst of LKP Securities, said: "The Nifty continues to exhibit confusion at higher levels, as the index closed flat with wicks on both the upper and lower sides, indicating extended indecisiveness. A decisive move above 25,100, or a close above this level, could confirm a further rally in the market."

"Otherwise, Nifty may slip lower, as the absence of sustained buying might trigger selling pressure. The immediate support is placed at 24,800," he added.

(IANS)

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