Indian stock benchmarks recovered strongly from lows during the day to close out flat on Wednesday. Benchmarks fell shortly after they opened higher, with the 30-stock Sensex falling a whopping 592 points from its high of the day and the Nifty 50 index hitting an intraday low of 16,162 after a high of 16,338.75 . However, buying interest in metal stocks such as Hindalco, Vedanta, Tata Steel and index heavyweight Reliance Industries helped benchmarks recover from intraday lows.
The Sensex fell 29 points to close at 54,526 and the Nifty 50 index finished 2 points higher at 16,282.
“Nifty traded in a narrow range and returned from support level of 16,200. Technical indicators indicate a volatile move in the market that continues. Traders are advised to refrain from building new buy positions until further improvement in market breadth is observed,” Ashis Biswas, chief of engineering research at CapitalVia Global Research told NewsMadura.
