Updated February 27th, 2024 at 10:17 IST

Nifty, Sensex trade flat; financials, energy stocks drag

The blue-chip index NSE Nifty 50 was up 0.036% at 22,130.00 while the BSE Sensex rose 0.047% to 72,824.15, as of 09:45 am.

Reported by: Business Desk
Stock market news | Image:Republic World
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Stock market news: Benchmark indices, S&P BSE Sensex and NSE Nifty 50 opened flat-to-bearish on Tuesday, February 27, taking cues from Asian peers ahead of key domestic and US macroeconomic data. The blue-chip index NSE Nifty 50 was up 0.036 per cent at 22,130.00 while the BSE Sensex rose 0.047 per cent to 72,824.15, as of 09:45 am.

All the broad market indices have shown a positive momentum during early trade, while sectoral indices display mixed reactions. Nifty Bank, Nifty Financial Services, Nifty Private Bank, Nifty Oil & Gas trade lower, while the rest of the sectoral indices traded in the green.

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TCS, PowerGridCorp, Grasim, Eicher Motors, and Cipla are among the early gainers on the benchmark Nifty 50 index, while UPL, Bajaj Finance, ONGC, Axis Bank, and Hero Motocorp are among the early losers.

VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said “There are indications of exhaustion in the market rally, particularly in the broader market. Higher valuations are constraining the bulls and there are no major positive triggers in the near term that can sustain the rally beyond a point. Expectations of backloading of the rate cuts from the Fed and the consensus lowering of the number of rate cuts this year also are likely to restrain the rally in the mother market US. This will have repercussions in the Indian market too.”

"Kotak small cap joining Tata and Nippon small cap funds in putting restrictions on investment in their small cap fund is another red flag regarding the excessive valuations of the small cap segment. Investors should take cues from this and partially move money to the safety of large caps," he added.

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Published February 27th, 2024 at 09:55 IST