Benchmark indices Sensex and Nifty retreated from their day’s high and ended flat on Wednesday as renewed hostilities between the United States and Iran unsettled investor sentiment.
Weak trends in global markets and relentless foreign fund outflows also made investors cautious, according to analysts.
The 30-share BSE Sensex trimmed most of its intraday gains during the fag-end of trading and settled 64.42 points, or 0.09 per cent, higher at 73,983.18. During the day, it jumped 694.25 points, or 0.93 per cent, to 74,613.01.
The 50-share NSE Nifty, however, dipped 27.15 points, or 0.12 per cent, to end at 23,214.95. The benchmark index hit a high of 23,425.35 and a low of 23,184.60 in intraday trade.
Among the Sensex constituents, Hindustan Unilever, Axis Bank, Kotak Mahindra Bank, ICICI Bank, ITC and HDFC Bank were the biggest winners.
Eternal Ltd, Tata Steel, Bajaj Finserv and Titan were among the laggards.
In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index ended lower. The Kospi tanked 4.52 per cent and the Nikkei 225 declined 1.89 per cent.
Markets in Europe were trading in negative territory.
US markets ended mostly lower on Tuesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,566.03 crore on Tuesday, according to exchange data.
“Indian equity markets ended modestly lower as renewed hostilities between the United States and Iran unsettled investor sentiment and revived concerns over the durability of the fragile ceasefire. The Nifty traded positively through much of the first half before surrendering gains later in the session, as geopolitical uncertainty continued to limit risk appetite and cap any meaningful recovery,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
Global markets remained under pressure after fresh military exchanges between the US and Iran heightened concerns over a renewed escalation in the Middle East, he added.
Brent crude, the global oil benchmark, dipped 0.20 per cent to USD 91.27 per barrel.
On Tuesday, the Sensex climbed 394.50 points, or 0.54 per cent, to settle at 73,918.76. The Nifty ended 119.10 points, or 0.52 per cent, higher at 23,242.10.