Market Wrap: Sensex, Nifty end flat amid weak global cues; mid, smallcaps continue their outperformance
Nifty ended flat on Wednesday dragged by losses led by banking and financial heavyweights amid weak global cues as investors remained cautious ahead of key macro numbers in the US and India. The Q2 GDP numbers of the US are expected to be released today while the PCE price index data is due on Thursday, and the non-farm payrolls report is expected on Friday.
India's Q1 GDP prints will be released on Thursday. Meanwhile, signs of easing inflation are emerging, raising expectations that the Fed will end its monetary tightening.
Latest data showed US job openings declined to the lowest level in nearly two and a half years in July. “For now, markets are pricing in an 87 per cent chance of the Fed standing pat at its meeting next month, the CME FedWatch tool showed.
The odds of another pause at the central bank's November meeting have risen to 51 per cent from 38 per cent earlier this week," reported Reuters. Sensex closed 11 points up at 65,087.25 while the Nifty closed the day with a gain of 5 points at 19,347.45.
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