The two Indian stock markets - the BSE's Sensex and the NSE's Nifty - on Thursday remained flat, continuing Wednesday's downward trajectory after four days of uninterrupted uptrend.
The Sensex was up 28.14 points or 0.04percent at 62,650.38 points, and the Nifty was up 14.30 points or 0.08 percent at 18,548.70 points. About 2,066 shares advanced, 1,143 shares declined, and 116 shares were unchanged.
According to Deepak Jasani, Head of Retail Research, HDFC Securities, the Nifty was pulled down by weak global cues. Volumes on the NSE were the highest since Nov 2020 due to the MSCI rebalancing trades.
Jasani said Asian markets fell and European shares hit an over two-month low on Wednesday as weak economic data from China fuelled concerns about a global slowdown and countered optimism from signs of easing inflation in some of the major euro zone economies.
Global markets were also nervous ahead of a vote by the US Congress on a deal to avert a government debt default.
The fact that the Nifty did not close low at the intraday on Wednesdy was reassuring. Nifty could now remain in the 18,641-18,432 band for the near term, Jasani added.
"Currently, Nifty is witnessing selling pressure from higher levels. Once it sustained 18,650 levels, we can expect a rally till 18,800-18,880 levels. However, the Nifty formed bearish pattern in the daily chart would be short term concerning," said Om Mehra, Equity Research Analyst, Choice Broking.
(With inputs from IANS)
