SENSEX, NIFTY50 erase gains to end on a flat note dragged by Reliance, Bharti Airtel

The Indian equity benchmarks erased intraday gains to end on a flat note on Wednesday, June 10, as investors resorted to profit booking amid weak cues from global markets after geopolitical tensions in West Asia flared up. The SENSEX fell as much as 715 points from the day's highest level and NIFTY50 index touched an intraday low of 23,185 after hitting a high of 23,425 earlier in the session.

The SENSEX advanced 64 points or 0.09% to close at 73,983 and NIFTY50 index declined 27 points or 0.12% to settle at 23,215.

Asian markets ended lower while stocks in Europe were also trading in the red after United States and Iran carried out a fresh round of military action against each other amid no signs of a peace deal from the third round of ongoing negotiations.

Japan's Nikkei fell 1.66%, South Korea's KOSPI dropped 4.52% and Hong Kong's Hang Seng fell 0.64%.

In Europe, England's FTSE100 index dropped 0.55%, Germany's DAX declined 0.61% and France's CAC40 index declined 0.22%.

Back home, selling pressure was broad based as 12 of 15 major sector gauges compiled by the National Stock Exchange (NSE) ended lower led by the NIFTY Media index's over 2% fall. NIFTY Realty, Metal, PSU Bank, IT, Consumer Durables, Oil & Gas, IT and Pharma indices also fell between 0.5% and 1.5%.

On the flip side, private bank and financial services indices managed to close higher.

Broader markets underperformed their larger peers as NIFTY Midcap 100 index fell 1.5% and NIFTY Smallcap 100 index declined 1.3%.

Among the individual shares, Clean Max Enviro Energy Solutions rose as much as 14.63% to hit an intraday high of ₹1,415 after the company announced a partnership with Meta Platforms.

The company’s exchange filing read, “Meta Platforms, Inc., and Clean Max Enviro Energy Solutions Limited have announced a ~900 MW renewable energy partnership in India. Together, the companies will support the development of 837 MW of new solar and wind capacity across Rajasthan and Karnataka. Combined with previously announced projects, the partnership now represents more than 900 MW of renewable energy capacity.”

Quality Power rallied as much as 4.52% to an intraday high of ₹1,185 apiece on the NSE after the company said it had executed a term sheet to acquire 100% of the equity share capital of Winwin Speciality Insulators Limited, a Visakhapatnam-based manufacturer of high-voltage ceramic and polymeric insulators.

Nestle India was top gainer in the NIFTY50 index, the stock rose 1.95% to close at ₹1,438. Hindustan Unilever, Axis Bank, Kotak Mahindra Bank, ICICI Bank, HDFC Bank, JSW Steel and ITC also rose between 1.18% and 1.85%.

On the other hand, Hindalco, Coal India, ONGC, Eternal, SBI Life, Tata Steel, Tata Motors PV and HDFC Life were top losers in the NIFTY50 index.

The overall market breadth was negative as 2,258 shares ended lower while 1,038 ended higher on the NSE.