Sensex ends flat at 24,492

The S&P BSE Sensex climbed 6 points to end at 24,492 and Nifty50 gained 2 points to close at 7,438.

Markets finished flat on caution ahead of the expiry of January derivative contracts tomorrow and the US Federal Reserve meet outcome later today. 

The S&P BSE Sensex gained 6 points to end at 24,492 and Nifty50 gained 2 points to close at 7,438. In the broader market, BSE Midcap and Smallcap indices closed higher by 0.5% each. 

"Second day of a rangebound momentum was seen on the benchmark index, Nifty. The breadth of the market remained positive, however, there were some inconsistent sectoral trends seen within the day. With expiry for January series scheduled tomorrow and the crucial Fed Meet today, the traders continue to remain cautious," said Kunal Bothra, Head Advisory, LKP Securities. 

"I believe that technically 7,625 remains to be a key resistance level, as global volatility fails to showi signs of abatement. Hence, I believe that the market would continue to consolidate," he added. 

The Indian rupee is quoting at 68 against the greenback, depreciating by 18 paise in the anticipation of the outcome of FOMC meet. 

The crude oil prices rose above $30 a barrel on Tuesday on prospects that OPEC and non-OPEC producers may reach a consensus to slash the output citing concerns regarding one of the largest oversupply gluts in decades. However, in today’s trade the oil prices are seen heading southward towards the $30 per barrel on account of profit booking. 

KEY STOCKS 

In the Sensex pack, Sun Pharma gained 1% after Sun Pharma's subsidiary Sun Pharma Advanced Research Co. (SPARC) received market regulator Securities and Exchange Board of India’s (Sebi) nod to raise up to Rs 250 crore via rights issue. SPARC surged 13%. 

NTPC emerged as the top gainer soaring over 4% ahead of its Q3 results on Friday. Meanwhile, ICICI Bank inched up ahead of the results tomorrow and HDFC shed 0.3% ahead of the results later today. 

From the auto pack, Tata Motors gained 1.5% while Maruti Suzuki climbed 0.5% on reports suggesting that the company's Japanese parent Suzuki Motor Corporation is considering a wide-ranging partnership with Toyota Motor Corporation. 

Public sector undertaking (PSU) banks surged on the back of heavy volumes. Union Bank of India, Oriental Bank of Commerce, Allahabad Bank, Canara Bank, Syndicate Bank, Bank of India, State Bank of India, Bank of Baroda, Indian Overseas Bank and Punjab National Bank gained up to 2%. 

Shares of highway developers surged after the government approved the Hybrid Annuity Model for highway projects. ARSS Infrastructure inched up, while HCC gained 2% and Sadbhav Engineering closed flat. 

On the flip side, Coal India dipped 0.3% after five unions, representing 80% of workforce, decided to protest against government’s divestment plans and have asked government to address issues of contractual workers. 

Some of the notable losers include BHEL, HUL, Adani Ports, Hero Motocorp and Axis Bank ending down between 1%-4%. 

RESULT REACTION 

SpiceJet rallied 15% extending its Friday’s surge after the company reported robust earnings for the third quarter ended December 31, 2015 (Q3FY16). 

Shares of HCL Infosystems dipped 4% after the company reported higher consolidated net loss at Rs 64 crore for the quarter ended 31 December 2015 compared with a loss of Rs 49.6 crore in the same quarter last year. 

FMCG firm Godrej Consumer Products Ltd (GCPL)  ended flat after it reported a 23% increase in its consolidated net profit at Rs 323 crore for the third quarter to December, helped by lower costs. 

Vardhman Textiles surged 3% after the company reported 66% year on year (YoY) growth in consolidated net profit at Rs 161 crore for the third quarter ended December 31, 2015 (Q3) due to lower raw material cost. The company engaged in textiles business had registered a net profit of Rs 97 crore in the same quarter last fiscal. 

GLOBAL MARKET 

Asian stocks barring China closed higher mirroring a firm finish on the Wall Street after crude oil prices bounced back on prospects that OPEC and non-OPEC producers may reach a consensus to slash the output citing concerns regarding one of the largest oversupply gluts in decades.

Meanwhile, investors are eyeing the US Federal Reserve meet outcome later today. Japan’s Nikkei, Hong Kong’s Hang Seng ended up between 1-2.6%. On the flip side, China’s Shanghai Composite extends its previous loss of 7% and closed 0.5% lower. 

Meanwhile, European equities are trading under pressure ahead of the US Federal Reserve's  statement due to be released later today. Meanwhile, slide in the oil prices and weak earnings added to the woes. France’s CAC40, Germany’s Dax and London’s FTSE slipped over 0.4% each.