Share Market Today: Sensex, Nifty Trade Flat Amid Volatility. IT, Realty, Banks Drag
Share market today: On the 30-share Sensex platform, UltraCemco, ICICI Bank, Tata Steel, IndusInd Bank, HDFC Bank, SBI were among early losers
Share market today: The two key equity benchmarks, Sensex and Nifty, on Wednesday are trading flat amid volatility amid weak global trends. At 10.35 am, the BSE Sensex dropped 33 points to 80,770. On the other hand, the NSE Nifty50 was trading at 24,714, marginally up 15 points.
Stock update
On the 30-share Sensex platform, UltraCemco, ICICI Bank, Tata Steel, IndusInd Bank, HDFC Bank, SBI were among early losers. On the flip side, Bajaj Finserv, Adani Ports, ITC, Asian Paints, Nestle, L&T emerged gainers.
In the broader markets, Nifty Smallcap advanced 0.19 per cent, while Midcap was trading 0.88 per cent higher.
Sectoral update
Sectorally, Nifty FMCG and Media are advancing, while IT, Banks, and Realty indices traded lower.
In the previous session on Tuesday, the BSE Sensex settled at 80,803 levels, up 378 points, while the NSE Nifty50 closed at 24,699, rising 126 points.
"The trend of FII selling and DII buying continues. But the fall in the dollar index has the potential to arrest the trend of FII outflows. But big FII investment will happen only if Indian valuations correct, which appears unlikely in the present context of sustained domestic inflows, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. Despite high valuations the undertone of the market continues to be bullish, Vijayakumar added.
Global update
In Asian markets, Tokyo, Shanghai, Hong Kong and Seoul were trading lower on Wednesday. The US markets settled lower on Tuesday.
Foreign Institutional Investors (FIIs) again turned sellers on Tuesday as they offloaded equities worth Rs 1,457.96 crore, according to exchange data. Domestic Institutional Investors (DIIs) bought equities worth Rs 2,252.10 crore on Tuesday.
Global oil benchmark Brent crude declined 0.11 per cent to $77.09 a barrel.
Rupee slips 7 paise
The Indian rupee depreciated by 7 paise to 83.84 against the US dollar in early trade on Wednesday, tracking subdued domestic equity market trend and unabated outflow of foreign capital. A weak American currency and lower crude prices, however, supported the local unit and prevented its sharp fall, forex traders said.
At the interbank foreign exchange, the rupee opened weak at 83.79 and lost further to 83.84 against the greenback, declining 7 paise from its previous days' closing level of 83.77. The rupee settled 10 paise higher at 83.77 against the American currency on Tuesday, a day after gaining 8 paise.
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