Closing Bell: Indices close flat, Nifty near 18,250; ITC, SBI, Bajaj Finance worst hit

The domestic market relinquished its gains as weak global sentiments took hold. The upcoming US inflation figures have become the focal point in determining the global market trend. The US inflation rate, which is expected to remain unchanged at its March level of 5.0 percent, is causing worries that the Fed will remain stricter for a long time. However, the sustained support from FIIs is guarding the domestic market from a steep correction.

Markets mostly moved in tandem with global equities, which were sluggish to negative. After exhibiting some volatility in the early session, markets lingered in negative territory for the better part of the trading session and ended almost flat as investors resorted to selective profit-taking after the sharp spike in recent sessions. The sharp appreciation in rupee could be hinting that overseas investors may offload local shares if the trend continues. On daily charts the Nifty has formed a small bearish candle which indicates indecisiveness between the bulls and bears. As long as the index is trading above 18200, the positive sentiment is likely to continue and could rally till 18350-18400. On the flip side, a quick intraday correction is possible if the index trades below 18200. Below which the index could slip till 18150-18100.

The Indian rupee ended marginally lower against the US dollar. The home currency closed at 82.05 a dollar, down 0.30 percent from its previous close of 81.80 a dollar. Meanwhile, the 10-year bond yield was trading at 7.043percentfrom its previous close of 7.049 percent. Both bond yield and prices move in opposite directions.

Benchmark indices erased theirearly gains amid volatility in the second half of trade.

The Sensex settled down 2.92 points or flat at 61,761.33, and the Nifty ended 5.10 points or 0.03% lower at 18,259.30. About 1,540 shares advanced, 1,806 shares declined, and 130 shares unchanged.

Vedanta has recently named Terry Daly as an Advisor for their semiconductor business. In this role, Daly will offer strategic guidance and insights to the company as they plan to establish a cutting-edge semiconductor fabrication facility and semiconductor assembly and testing unit in India.

Vedanta-Foxconn Semiconductors Limited (VFSL) CEO, David Reed, expressed his satisfaction in having Terry Daly join their team, stating that Daly's extensive experience and expertise in managing crucial workstreams will greatly benefit their semiconductor fab endeavors.

In response, Terry Daly acknowledged India's immense potential in becoming a crucial player in the global semiconductor supply chain. He praised the partnership between Vedanta and Foxconn, emphasizing their unique synergy in establishing India's first commercial semiconductor fab. Prior to joining Vedanta, Daly worked as an independent consultant in the microelectronics industry and held various executive roles at GlobalFoundries, including Senior Vice President, head of strategy and corporate development, chief of staff, and head of corporate program.

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