Sensex, Nifty close flat amid volatility

Mumbai, July 30 : Indian equity indices closed flat on Tuesday amid volatile sessions.

During the day, the Sensex traded in the range of 81,230 to 81,815 points and Nifty traded between 23,798 to 24,971.

At the end of trading, the Sensex was up by 99 points at 81,455 and Nifty was up by 21 points at 24,857.

A buying trend was seen in midcap and smallcap shares.

The Nifty Midcap 100 index closed at 58,623, up 261 points or 0.45 per cent, and the Nifty Smallcap 100 index closed at 19,207, up 164 points or 0.86 per cent.

Market experts said, "Market focus will shift to the upcoming US Fed meeting, which is anticipated to provide a timeline for a potential rate cut in 2024, along with Q1 results from major domestic companies."

Among the sectoral indices, "Auto, Fin Service, Metal, Realty, Energy and Infra were the major gainers. IT, Pharma and FMCG were major laggards."

Shrey Jain, Founder and CEO of SAS Online said, "Today, the Sensex and Nifty benchmarks are trading higher following a flat start, driven by mixed global trends.

“The Nifty continues its solid near-term uptrend, facing resistance around the 25,000 level and support expected at 24,700."

"In the short term, the market may experience some volatility or a slight decline before potentially trending upwards," he added.

The rupee remained range-bound near 83.72 as the dollar held steady at $104.20. The rupee showed little reaction to dollar movements, with stable crude prices contributing to a flat trading session.