Sensex, Nifty end flat on caution ahead of key data, earnings rush

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Indian stocks were little changed on Tuesday, after financial data sparked a sharp rally in the previous session, amid a surge in corporate earnings and ahead of key macroeconomic data.

the Nifty 50 It closed up 0.01 percent, at 18,265.95, while S&P BSE Sensex It sheds 3 points to end at 61,761.33. Both indices rose more than 0.4 percent during the session.

Eight major sectoral indices out of 13 declined, with financial indices with a heavy weight declining by 0.15 percent. The banking and public sector indices recorded losses of 0.2 percent and 2.75 percent, respectively.

Among the individual stocks, the shares of the natural gas distribution company Mahanagar Gas Ltd It jumped 7.43 percent thanks to upbeat fourth-quarter after-tax earnings.

Mankind Pharma Ltd It rose more than 31 percent on its stock market debut. Global brokerage Macquarie commenced coverage with an “outperform” rating prior to listing, citing superior sales performance and improved productivity as drivers of growth.

Also read: Indian Stock Earnings Record as US Recession Approaches: Bank of America Securities

Meanwhile, an agrochemical manufacturer UPL Ltd It lost nearly 3 percent when reporting a Quarterly earnings decline Because of the sharp rise in costs. The stock was among Nifty’s 50 biggest losers.

Indian stocks posted their best session in just over a month on Monday. Since the beginning of the 2024 fiscal year, the benchmark index has increased by more than 5 percent.

“The recent rally has been the result of a reasonably stable results season, with the exception of some sectors such as IT and consumer durables, as well as the return of foreign investors,” said George Thomas, equity fund manager at Quantum Asset Management Company.

Analysts expect the index to consolidate in the near term, ahead of domestic retail inflation data for April, due on Friday.

Global stocks were quiet amid caution ahead of US consumer price data due on Wednesday. The data is closing in on the heels of the strong US jobs report for April which assesses the interest rate path going forward Federal Reserve and its monetary tightening policy.