Mumbai, Aug 2 (IANS) Domestic benchmark indices ended flat on Tuesday after rising for four consecutive sessions due to multiple negative global cues.
PSU Nifty PSU Bank bank index surged 2.5 per cent on Tuesday, while IndusInd Bank (NS: INBK ), Asian Paints (NS: ASPN ) and NTPC (NS: NTPC ) were among the major contributors in the Sensex. About 1,889 shares have advanced, 1,483 shares have declined, and 122 shares remained unchanged.
"Global indicators did not favour bulls, with most Asian and Western markets trading over concerns of rising geopolitical tension between the US and China. Additionally, economic data point towards a decrease in demand, while major markets throughout the world are trading with recessionary fears.
"The domestic market, however, has proven resilient thanks to increased demand in heavyweights and a strengthening Indian rupee underpinned by falling US treasury yields and FIIs buying," said Vinod Nair, Head of Research at Geojit Financial Services.
Asian stock markets ended in red due to mounting tension between the US and China over US House of Representatives Speaker Nancy Pelosi's expected visit to Taiwan.
Dismal manufacturing readings from Asia and Europe have also raised concerns over a potential global recession. European shares fell on Tuesday as weak global factory data fanned economic slowdown fears.
MSCI World equity index, which tracks shares in 47 countries, fell 0.4 per cent, while the Euro STOXX 600 shed 0.7 per cent.
"Nifty seemed to have halted after four days of sharp rise. It may now consolidate/correct slightly before embarking on the next move; 17,173-17,390 could be the band for the Nifty in the near term," said Deepak Jasani, Head of Retail Research, HDFC (NS: HDFC ) Securities.
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