Indian benchmark indices shed their day highs and were trading flat-to-lower amid mixed global cues and profit-booking at higher levels. The BSE Sensex and the NSE Nifty 50 both gave up their intraday gains and moved in a tight range as investors remained cautious on the ongoing corporate earnings and macroeconomic data updates. Sectoral buying picked up and provided some support to the indices and prevented a deeper slide even as the broader market consolidated.
Vodafone Idea was the star performer of the day with its shares zooming over 6% on heavy buying interest. Market analysts attributed the sudden spike to heavy volumes of trading and positive sentiment around the long-term consolidation of the telecom sector. While the frontline indices failed to sustain the momentum, the broader indices, including the midcap and smallcap segments, outperformed the benchmarks and showed resilience. Global cues from the central banks and cash flows of foreign institutional investors (FIIs) continue to guide investors to take a call on the next big move in the market.
