Sensex, Nifty witness choppy trading; power, banking stocks jump

The Indian stock market's key indices, Sensex and Nifty, witnessed choppy trading on Wednesday as gains in power, banking and financial stocks offset losses in IT stocks.

The 30 stock S&P BSE Sensex was trading 17.93 points or 0.03 per cent down at 59,013.37 points at 11.59 am, against its previous day's close at 59,031.30 points.

Earlier, the Sensex started the day in the red at 58,853.32 points and dipped to a low of 58,760.09 points in the intra-day. The index turned positive multiple times in the morning session hitting a high of 59,170.87 points.

The benchmark Sensex had closed 257.43 points or 0.44 per cent higher in a volatile session on Tuesday.

The broader Nifty 50 of the National Stock Exchange was trading 9.90 points or 0.06 per cent down at 17,567.60 points against its previous day's close at 17,577.50 points.

The Nifty had gained 86.80 points or 0.5 per cent on Tuesday.

Gains in power, banking and financial stocks were offset by the losses in IT and metal stocks.

Titan slipped 1.05 per cent to Rs 2454.25. The country's largest IT firm Tata Consultancy Services was trading 0.95 per cent down at Rs 3252.60.

Bharti Airtel, Bajaj Finance, State Bank of India, Tata Steel, Nestle India, Asian Paints and Dr Reddy's Laboratories were among the major Sensex losers.

The index heavyweight Reliance Industries Limited was trading 0.07 per cent down at Rs 2645.60.

Maruti Suzuki slipped 0.36 per cent to Rs 8690.45 after it announced plans to recall vehicles to fix defects in Airbags.

India's largest carmaker Maruti Suzuki on Wednesday said it will recall 166 Dzire Tour S vehicles for replacing Airbag Control Unit free of cost for possible defects. The vehicles that will be recalled have been manufactured between 6th August 2022 to 16th August 2022.

The recall is being undertaken to replace Airbag Control Unit, free of cost, in these vehicles. It is suspected that there is a possible defect in Airbag Control Unit, which in rare case might result in malfunctioning during deployment, Maruti Suzuki said in a regulatory filing to the stock exchanges.

There was good buying support in power, banking and financial stocks.

NTPC jumped 2.65 per cent to Rs 162.55. Power Grid Corporation rose 0.77 per cent to Rs 229.

IndusInd Bank, HDFC, ICICI Bank, HDFC Bank, ITC, L&T, HCL Technologies, Axis Bank and Kotak Bank were among the major Sensex gainers.

The share price of New Delhi Television Limited (NDTV) surged 5 per cent to hit the upper circuit limit on Wednesday a day after Adani Group announced that it would acquire a majority stake in the news channel company.

On the BSE the share price of NDTV opened at Rs 380 and hit the upper circuit limit of Rs 384.50 soon after the opening of the trade on Wednesday against its previous day's close at Rs 366.20.

( With inputs from ANI )