Benchmark indices Nifty 50 and Sensex gave up earlier gains after reaching record intraday highs on Tuesday. This movement was fueled by a rise in Asian stocks, which followed China’s monetary easing measures aimed at addressing the economic slowdown, along with the Federal Reserve’s interest rate cut.

The Sensex closed 14.57 points lower at 84,914.04, while the Nifty 50 inched up by 1.35 points, ending at 25,940.40.

Markets have been on a rising trend since the Federal Reserve’s first 50 basis point interest rate cut since 2020, which is aimed at achieving a soft landing for the U.S. economy.

After a weak start, the market fluctuated between gains and losses throughout the session, but final-hour buying pushed the main indices to new record highs.

Tata Steel, Hindalco Industries, Power Grid Corp., Tech Mahindra, and Adani Enterprises were the top Nifty gainers, while SBI Life Insurance, HUL, Grasim Industries, UltraTech Cement, and Shriram Finance were the major losers.

The metal index rose 3%, the oil & gas index gained 0.6%, and the power index added 1.4%. Meanwhile, PSU Bank, FMCG, and telecom sectors were down 0.5-1%.

The BSE midcap and smallcap indices closed flat, with nearly 300 stocks hitting their 52-week highs, including Aditya Birla Fashion, Apollo Hospitals, AstraZeneca Pharma, Avenue Supermarts, and Bajaj Auto.

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