Sensex trades flat, Power Grid and M&M top gainers
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Indian equity markets were trading flat on Wednesday following mixed global cues.
At 9:55 a.m., Sensex was up 21 points or 0.02 per cent at 84,935 and Nifty was down 4 points or 0.02 per cent at 25,934.
In the early trade, market trend remained positive. On the National Stock Exchange (NSE) 1,170 shares were in the green and 1,155 in the red.
A mixed trend was seen in the midcap and smallcap stocks. Nifty midcap 100 index was down 200 points or 0.33 per cent at 60,650 and Nifty smallcap 100 index was up 34 points or 0.18 per cent at 19,473.
Among the sectoral indices, Fin service, pharma, metal, media, energy and infra were major gainers. IT, PSU Bank, FMCG, realty and consumption were major losers.
In the Sensex pack, Power Grid, M&M, HDFC Bank, Maruti Suzuki, Tata Steel, ICICI Bank, L&T and UltraTech Cement were the top gainers. Tech Mahindra, Asian Paints, HCL Tech, Wipro, JSW Steel, HUL, Tata Motors and TCS were the top losers.
Mixed trading is taking place in Asian markets. The markets of Tokyo, Shanghai, Hong Kong and Bangkok are trading in the green. The markets of Seoul and Jakarta are trading in the red. US markets closed in the green on Tuesday.
According to the market experts: "The Chinese monetary stimulus measures lifted the Chinese and Hong Kong markets yesterday and if the rally continues it is possible that FIIs will move more funds to invest in these markets which are highly attractive on valuations. In India metal stocks rallied in response to the Chinese stimulus measures."
"The gush of domestic liquidity, which is the main driving force behind the rally in India, is likely to keep the market resilient. If Nifty is to go past 26,000 decisively and sustain there, it has to be led by the Bank Nifty. There is more steam in this segment," they added.
The foreign institutional investors (FIIs) sold equities worth Rs 2,784 crore on September 24, while domestic institutional investors extended their buying as they bought equities worth Rs 3,868 crore on the same day.
