Sensex, Nifty Settle Lower After Choppy Ride

Indian shares closed on a weak note on Wednesday after swinging between gains and losses during much of the day's session, as investors stayed largely cautious, looking ahead to the Federal Reserve's monetary policy statement, due later in the day.

The benchmark 30-share BSE Sensex ended the session with a loss of 77.94 points or 0.13 percent at 58,927.33 after scaling a low of 58,878.38 and a high of 59,178.44 intraday.

The National Stock Exchange's Nifty index, which touched a low of 17,524.00 and a high of 17,610.45, settled at 17,546.65, down 15.35 points or 0.0% from Tuesday's close.

Automobile, information technology and metal stocks moved higher. Realty and media stocks were in demad again, while bank stocks were weak.

Automobile stocks Tata Motors, Mahindra & Mahindra, TVS Motor, Ashok Leyland, Maruti Suzuki and Bajaj Auto closed with sharp to moderate gains.

Among realty stocks, Godrej Properties soared more than 13 percent, DLF climbed 11.5 percent and Indiabulls Real Estate spurted nearly 9 percent, while Phoenix and Sobha Developers gained 6.25 percent and 6.7 percent, respectively.

Metal stocks NMDC, Coal India, MOIL, Hindalco and National Aluminium, gained 2.3 to 5 percent.

In the information technology space, MindTree climbed nearly 4 percent and Tech Mahindra gained 3.6 percent. Mphasis, L&T Infotech and HCL Technologies gained 1 to 2.2 percent.

Nucleus Software Exports climbed more than 12 percent after the company said its board will consider a share buyback on Friday, 24 September 2021.

Zee Entertainment Enterprises Limited shares zoomed nearly 31 percent after the company said its board has approved the merger between the firm and Sony Pictures Networks India.

On the economic front, the Asian Developement Bank today revised down India's economic growth forecast for the current financial year to 10 percent, from 11 percent predicted earlier, citing the adverse impact of the second wave of the pandemic.

The market breadth was quite strong. On BSE, 2099 stocks closed higher, while 1140 stocks declined and 164 stocks ended flat.

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