Sensex, Nifty End Choppy Session Little Changed
(RTTNews) - Indian shares ended a choppy session little changed on Wednesday as investors reacted to hawkish Fed comments and clung to hopes for a Middle East ceasefire deal.
Markets repriced their expectations for U.S. rate cuts this year after Minneapolis Federal Reserve President Neel Kashkari said Tuesday that rates will likely stay high for an "extending period" and that he will support a hike if inflation stalls near 3 percent.
In the Middle East, Israeli troops seized control of Gaza's vital Rafah border crossing on Tuesday as captive-exchange talks continue.
Urgent ceasefire talks are being held in Cairo, but Hamas have warned there will be no negotiations if Israel's operation in Rafah continues.
The benchmark S&P BSE Sensex ended the session down 45.46 points, or 0.06 percent, at 74,466.39 after a choppy session. The broader NSE Nifty index closed virtually unchanged at 22,302.50.
In corporate news, Dr Reddy's Laboratories lost 3.3 percent after reporting a 3 percent sequential decline in quarterly net profit.
Asian Paints declined 2.2 percent ahead of its earnings release while Grasim, UltraTech Cement and HDFC Bank all fell around 2 percent.
Metal and auto stocks surged, with Coal India, Hindalco, Tata Motors and Hero MotoCorp all ending up over 2 percent.
BPCL rallied 2.8 percent after oil prices fell over 1 percent to hit two-month lows in European trade on bearish inventory data.
Bharat Forge soared 16 percent after Q4 net profit jumped 78 percent year-on-year.
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