Stock Market Today: Sensex, Nifty end flat; mid, smallcaps outperform

Global cues were mixed after the government data showed on May 10 that the US consumer price index (CPI) rose at a slower pace at 4.9 per cent in April year-on-year against a 5 per cent increase in March. Market participants and analysts expect the Fed to take a pause on rate hikes. 

Meanwhile, China’s consumer prices rose at their slowest pace in more than two years. Consumer prices rose 0.1 per cent in April against a 0.7 per cent year-over-year rise in March.

Sensex opened 218 points higher at 62,158.10 against the previous close of 61,940.20 but traded rangebound through the session, hitting intraday highs and lows of 62,168.22 and 61,823.07 respectively.

The index finally closed at 61,904.52, down 36 points, while the Nifty ended the day at 18,297, down 18 points.

Sensex ended in the red because of losses in select heavyweights. Overall, broader markets were positive and as many as 140 stocks, including Bajaj Auto, Tata Motors, UltraTech Cement, ONGC, BPCL, InterGlobe Aviation (IndiGo), Power Grid Corporation and Siemens, hit their 52-week highs in intraday trade on BSE.

Mid and smallcaps outperformed as the BSE Midcap index rose 0.36 per cent while the Smallcap index ended 0.68 per cent higher.

Meanwhile, crude oil prices rose further amid strong fuel demand in the US.

“Oil prices rose for a fifth day in the last six as strong demand for fuel in the US outweighed the ongoing row about lifting the country’s debt limit to prevent the world’s biggest oil producer and consumer from defaulting on its debt,” reported Reuters.

(More to come)