Indian stock markets end flat after volatile session

Benchmark stock indices Sensex and Nifty ended flat in a highly volatile trade on Thursday as investors turned cautious ahead of the USRussia talks on August 15Extending gains to the second day the 30share BSE Sensex climbed 5775 points or 007 per cent to settle at 8059766 During the day it rallied 21127 points or 026 per cent to 8075118The 50share NSE Nifty rose by 1195 points or 005 per cent to 2463130Among Sensex firms Eternal Infosys Asian Paints HDFC Bank Bajaj Finserv and Titan were the major gainersHowever Tata Steel Tech Mahindra Adani Ports and Bharat Electronics were among the laggardsThe TrumpPutin meeting could have significant implications for energy markets potentially leading to an easing of sanctions against MoscowAfter a volatile weekly expiryday session Indian equities ended flat as investors traded cautiously ahead of the USRussia summit IT and pharma stocks advanced on the back of a softer US inflation data and a dovish outlook Banking and consumer durables also gained on hopes of a consumptionled recovery Vinod Nair Head of Research Geojit Investments Ltd saidThe BSE smallcap gauge declined 059 per cent and the midcap index dipped 018 per centAmong BSE sectoral indices consumer durables climbed 082 per cent while BSE Focused IT 045 per cent teck 039 per cent IT 038 per cent financial services 026 per cent bankex 023 per cent and consumer discretionary 013 per cent also advancedMetal dropped the most by 140 per cent followed by oil and gas 118 per cent commodities 073 per cent FMCG 057 per cent power 055 per cent and industrials 053 per centOn a weekly basis Sensex climbed 73987 points or 092 per cent and Nifty edged higher by 268 points or 110 per cent snapping their sixweek losing streakMeanwhile SampP upgraded Indias sovereign credit rating to BBB with a stable outlook after a gap of nearly 19 years citing robust economic growth political commitment for fiscal consolidation and conducive monetary policy to check inflationIndia remains among the best performing economies in the worldThe quality of government spending has improved in the past five to six years SampP Global Ratings saidThe impact of US tariffs on the Indian economy will be manageable SampP said adding that a 50 per cent tariff on US exports if imposed will not pose a material drag on growthIndia is relatively less reliant on trade and about 60 per cent of its economic growth stems from domestic consumption it saidIn Asian markets South Koreas Kospi settled in positive territory while Japans Nikkei 225 index Shanghais SSE Composite index and Hong Kongs Hang Seng ended lowerEquity markets in Europe were trading mostly higherThe US markets ended higher on WednesdayWholesale price inflation declined to a 2year low of 058 per cent in July as deflation in food and fuel kept WPI in the negative zone for the second consecutive month government data released on Thursday showedGlobal oil benchmark Brent crude climbed 053 per cent to USD 6592 a barrelForeign Institutional Investors FIIs offloaded equities worth Rs 364443 crore on Wednesday while Domestic Institutional Investors DIIs bought stocks worth Rs 562379 crore according to exchange data Equity markets would remain closed on Friday for Independence DayThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever