Indian benchmark equity indices closed flat after a volatile session on Tuesday as investors booked profits amid concerns over potential rate hikes in the United States and continuous foreign fund outflows.
The BSE Sensex gained 3.94 points or 0.01 per cent to settle at 65,220.03. The NSE Nifty inched up 2.85 points or 0.01 per cent to settle at 19,396.45.
"Despite the support of positive international markets, Indian equities struggled to maintain their upward momentum due to lingering apprehensions over ongoing global uncertainties. Sectors closely tied to the Western economy, such as IT and pharma, faced challenges, while domestic-oriented sectors, alongside mid- and small-caps, exhibited resilience and gained traction,” said Vinod Nair, Head of Research at Geojit Financial Services.
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“The influence of higher bond yields and concerns about potential rate hikes in the US is prompting FIIs to withdraw funds from the domestic market, contributing to the market's volatility,” he added.
Top Stocks To Watch On 23 August:
Jio Financial Services
Bombay Stock Exchange (BSE) has postponed the exclusion of Jio Financial Services from all the S&P BSE indices to August 28 from August 24. The demerged entity of Mukesh Ambani-led Reliance Industries listed on stock exchanges on Monday and hit the lower circuit for second straight day on Tuesday.
Vodafone Idea
The debt-ridden telecom operator plans to clear around Rs 2,400 crore of dues to the government by September, reported PTI. The company will clear dues for the April-June 2023 quarter and spectrum instalment with applicable interest rate by September. Vodafone Idea had to pay a licence fee of around Rs 770 crore by July and Rs 1,680 crore as the first instalment for the spectrum it purchased in auctions held last year.
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TVS Supply Chain Solutions
The TVS Mobility Group Company will get listed on the bourses on 23 August. The issue price was fixed at Rs 197 per share.
Bharat Forge
The validity period for the guarantee provided by the company to its wholly owned step-down subsidiary, Bharat Forge Aluminum USA, Inc, has been revised. The amount of $15.5 million issued in favour of JP Morgan Bank was previously valid till 27 November 2023. Now, the guarantee is amended and validity period is extended till 31 July 2026.
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