Markets settle almost flat in volatile trade; Nifty hits lifetime high

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| Photo Credit: PTI

Stock market benchmark indices Sensex and Nifty ended on a flat note after a volatile session on Tuesday (August 27, 2024) due to the emergence of profit-taking amid rising geopolitical tensions in the Middle East and Ukraine.

The NSE gauge, however, hit a new lifetime peak of 25,017.

After oscillating between highs and lows, the 30-share BSE Sensex eked out a marginal gain of 13.65 points or 0.02% to settle at 81,711.76 — its sixth consecutive session of rise. During the day, it hit a high of 81,919.11 and a low of 81,600.51.

The NSE Nifty ended almost flat, up 7.15 points or 0.03%, at 25,017.75 — its ninth straight session of gains.

On the Sensex chart, Bajaj Finserv, Maruti, Larsen & Toubro, Bajaj Finance, Infosys, Axis Bank and ICICI Bank were the biggest gainers.

Hindustan Unilever, JSW Steel, Titan, NTPC and Tata Motors were among the laggards.

In Asian markets, Tokyo and Hong Kong settled in the positive territory, while Seoul and Shanghai ended lower.

European markets were trading higher in mid-session deals. The US markets ended mostly lower in the overnight trade on Monday.

“There are both headwinds and tailwinds for the market now. Headwinds are coming from the escalation of geopolitical tensions in the Middle East and Ukraine. Brent crude has shot up above USD 81. The strongest tailwind comes from the expected rate cuts by the Fed which will spill over to other central banks, including the RBI,” said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Foreign Institutional Investors (FIIs) bought equities worth ₹483.36 crore on Monday, according to exchange data.

Global oil benchmark Brent crude declined 0.84% to $80.75 a barrel.

Rising for the fifth straight day on Monday, the BSE benchmark jumped 611.90 points or 0.75% to settle at 81,698.11. The Nifty soared 187.45 points or 0.76% to 25,010.60, registering gains for the eighth session in a row.