Markets Close Flat as Sensex Stays Above 39,000-Mark

Sensex gained 7.11 points to close at 39,097.14, while Nifty finished at 11,588.20, down 12 points.

1 min read
Photo used for representational purposes.

Equity benchmark indices Sensex and Nifty closed flat on Tuesday, 24 September, following two days of rally, as a result of the government’s slashing of corporate tax.

The 30-share BSE index gained 7.11 points to close at 39,097.14, while the broader 50-share NSE index finished at 11,588.20, down 12 points.

The government's big fiscal stimulus has lifted market sentiment as it is expected to revive growth and capex cycle, said Suveer Chainani, CEO - Institutional Clients Group, Emkay Global Financial Services.

The negative impact of higher fiscal deficit should be mitigated as foreign fund flows should help lift balance of payments, he added.

On Monday, foreign portfolio investor purchased shares worth a net of Rs 2,684.05 crore, while domestic institutional investors bought equities worth Rs 291.95 crore, provisional data showed.

Nifty IT gained the most among sectoral sub-indices, going up by almost 2 percent during the day’s trading while Nifty Bank and Nifty Metal lost the most.

Heavyweight scrips like Infosys, Maruti, Tata Motors and Reliance were among the top gainers while SBI, Axis Bank and Larsen & Toubro lost the most.

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