Sensex, Nifty End Flat; The rupee settles at an all-time high

Indian stocks ended Tuesday’s volatile session on a flat note as investor concerns over soaring oil prices were partly offset by Beijing’s easing of restrictions on China’s COVID-hit manufacturing hubs. -19. But the Indian rupee settled to a record closing low of 78.78 on Tuesday against Monday’s close of 78.34, which rattled sentiment.

At the close, the 30-stock benchmark S&P BSE Sensex rose 16 points to 53,177, and the broader 50-stock NSE Nifty50 rose 18 points to 15,850. 169 points to settle at 33,642, while the midcap index gained 78 points to close at 26,791.

Among equities, IT stocks supported the indices while financials lagged. ONGC, Hindalco Industries, Mahindra and Mahindra, Coal India and HDFC Life were among the top winners. Titan Company, Asian Paints, Bajaj Finserv, Divis Labs and Adani Ports were among the major stragglers.

Among sectors, the autos, metals, and oil and gas indexes gained 1-2%.

Shares of paint companies such as Asian Paints, Berger Paints, Kansai Nerolac and others traded lower as rising crude oil prices reignited concerns on the margin front.
Shares of Bandhan Bank fell more than 7% on Tuesday as fears of a likely rise in non-performing loans resurfaced, given the floods in Assam.

Asian stocks ended higher after China’s decision to shorten the COVID-related quarantine period for overseas visitors improved investors’ risk appetite. China’s Shanghai Composite and Shenzhen Composite indices ended up around 1% while Hong Kong’s Hang Seng index closed up 0.9%. Among other major Asian equity benchmarks, the Nikkei and Kospi indices ended up 0.8% and 0.7% respectively.

—With agency contributions

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