Stock Market: Sensex, Nifty Trade Flat Ahead Of CPI Inflation Data. IT, Realty Down

Stock update: On the 30-share Sensex platform, Reliance, Titan, Kotak Bank, HDFC twins, NTPC, ITC emerged early gainers. UltraCemco, IndusInd Bank, Infosys, HUL, HCL, Asian Paints were among losers

The two key equity benchmarks, Sensex and Nifty, opened flat on Wednesday as investors exercised caution ahead of the key CPI inflation data in India and the US due today. However, the domestic indices are gradually trading higher. At 9.46 am, the BSE Sensex was up 93 points to 65,711. On the other hand, NSE Nifty50 was trading at 19,469, up 30 points.

On the 30-share Sensex platform, Reliance, Titan, Kotak Bank, HDFC twins, NTPC, ITC emerged early gainers. On the downside, UltraCemco, IndusInd Bank, Infosys, HUL, HCL, Asian Paints were among the losers.

Among specific stocks, PVR Inox rose over 1 per cent as GST on food and beverages at cinema halls was slashed to 5 per cent from 18 per cent.

In the broader markets, the BSE Midcap and Smallcap indices rose up to 0.31 per cent.

Sectorally, information technology index was down 0.3 per cent and realty index dipped 0.8 per cent. Oil & gas index was trading up by 1 per cent and capital goods and power indices rose 0.4 per cent each.

In the previous session, S&P BSE Sensex closed 274 points higher at 65,618, while the NSE Nifty settled with a gain of 84 points at 19,439.

"Markets may log steady gains in early trade on Wednesday thanks to a sharp upsurge in the overnight US markets. With Asian indices, too, witnessing strong gains, local indices could advance further, even as concerns of the market being in an overbought position looms. Investors will focus on inflation numbers set to be announced later in the day, while IT majors TCS and HCL Tech would set the tone with their Q1 results, which could give some indication of the global IT sourcing scenario and the outlook on the same," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said in his pre-opening market comment.

In Asian markets, Seoul, and Hong Kong were trading in the green while Tokyo and Shanghai quoted lower. The US markets ended in the positive territory on Tuesday.

Global oil benchmark Brent crude climbed 0.18 per cent to $79.54 a barrel.

Foreign Institutional Investors (FIIs) continued their buying momentum as they bought equities worth Rs 1,197.38 crore on Tuesday, according to exchange data.

Meanwhile, the rupee gained 16 paise to 82.25 against the US dollar in early trade on Wednesday as weakness of the American currency in the overseas market and steady foreign fund inflows supported investors' sentiment. However, a surge in crude oil prices capped sharp gains for the local unit, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 82.29, then touched a high of 82.25 against the American currency, registering a rise of 16 paise over its last close.