Stock Market Today: Sensex, Nifty Turn Flat Amid Volatility. M&M Surges 4 Per Cent

Stock update: On the 30-share Sensex platform, M&M was the top gainer, up 4 per cent, followed by NTPC, Tata Steel, Wipro, TechM, HDFC Bank emerged gainers

The two key equity benchmarks, Sensex and Nifty, on Thursday pared early gains turning flat amid volatility tracking selling pressure in bank stocks. At 10 am, the BSE Sensex declined 133 points to 71,690. On the other hand, the NSE Nifty50 was trading at 21,811, down 29 points.

On the 30-share Sensex platform, M&M was the top gainer, up 4 per cent, followed by NTPC, Tata Steel, Wipro, TechM, HDFC Bank emerged gainers. On the down side, Axis Bank, Kotak Bank, ICICI Bank, IndusInd Bank, Nestle, Sun Pharma were among the losers.

In the broader markets, the BSE Midcap and Smallcap indices were trading with gains of nearly 1 per cent each.

Sectorally, except bank, all other indices are trading in the green with auto, metal, oil & gas and power rose 1 per cent each.

In the previous session on Wednesday, the BSE Sensex index closed 268 points higher at 71,883, while the NSE Nifty50 settled at 21,840, up 97 points.

Deepak Jasani, Head of Retail Research at HDFC Securities, said equities in Asia opened higher Thursday after Wall Street resumed a rally as robust earnings helped overcome worries about persistent inflation. "All three major stock indexes in the US finished higher on Wednesday, shaking off weakness seen earlier in the day, as investors considered whether there may have been an overreaction to US inflation data in the previous session," he said.

Brent crude futures, the global oil benchmark, declined 0.49 per cent to $81.20 per barrel.

Foreign Institutional Investors (FIIs) were net sellers on Wednesday as they offloaded shares worth Rs 3,929.60 crore, according to exchange data.

Meanwhile, Indian rupee gained 3 paise to 82.99 against the US dollar in early trade on Thursday. Forex traders said rupee is trading in a narrow range as strong US currency and elevated crude oil prices weighed on the local unit and restricted the uptick in the domestic unit.

At the interbank foreign exchange, the domestic currency opened at 83.00, then touched 82.99 against the greenback in initial deals, registering a rise of 3 paise from its previous close. On Wednesday, the rupee appreciated 6 paise to close at 83.02 against the US dollar.