Indian Market Ends Flat as Nifty Holds Above 24,200

The Indian stock market ended largely flat on Friday, August 21, with the Nifty holding above the 24,200 mark. The Sensex gained 3 points to 77,541, while the Nifty gained 20 points to 24,252.

The Nifty Bank index was a notable gainer, rising by 266 points to 57,762. On the other hand, sugar stocks declined after the government allowed zero-duty imports, with Balrampur Chini falling by 6%.

IndiGo was among the top Nifty losers, dropping over 1.5%, while metal and defence stocks gained amid a weakening dollar and rising spot prices. Hindustan Zinc jumped 4% after spot silver prices rose 3% to $70 per ounce.

Alok Agarwal, Head - Quant & Fund Manager at Alchemy Capital Management, noted that the market has been resilient despite heavy selling by foreign investors. He also warned of rising yields and inflation, which could be unfavourable for high valuations.