Sensex trades flat after subdued Wednesday opening

Nifty around 11,400; Selling visible in pharmaceutical names


Equity benchmarks have started Wednesday on a positive note, with the Nifty trading around 11,400, while Sensex up by 20 points.

The Sensex is up 17.44 points at 37,683.24, and the Nifty up 7.20 points at 11,396.70. About 614 shares have advanced, 323 shares declined, and 60 shares are unchanged.

All sectoral indices are trading in the green, with maximum gain seen in metal names. Infra, energy and PSU bank space is also trading higher.

Tata Steel, Zee Entertainment, Vedanta, Tata Motors, SRF, Inox Wind are the gainers, while Cipla, Lupin, Axis Bank, ICICI Bank, Wipro, Mphasis and Adani Enterprises are on the losing side.

However, after opening in the green, equity benchmarks are currently off the day’s high points. These are trading flat. The Nifty is struggling around 11,400-mark.

Selling is visible in pharmaceutical names, while metals continue to be the top gainer among sectoral indices. The midcap index, too, is trading flat.

Among stocks, shares of Mphasis have fallen over 3 percent even as it reported 38 percent growth in net profit and announced a buyback.

Asian Paints, ONGC, Zee Entertainment and Hindalco were the top gainers, while ICICI Bank, Axis Bank, HPCL and BPCL have lost the most.

The Sensex is up 1.28 points or 0.00% at 37667.08, while the Nifty is down 1.20 points or 0.01% at 11388.30. The market breadth was narrow as 921 shares advanced, against a decline of 784 shares, while 88 shares are unchanged.

The Indian rupee is trading marginally higher at 68.61 after a flat opening at 68.66 per dollar on Wednesday against previous close 68.68.

Rupee snapped its three-day losing streak and rose primarily on back weakness in the dollar against its major crosses. Volatility in rupee continued to remain high as most market participants are cautious following escalating trade tensions between US and China.

Yesterday, US trade representative office said that it published a final tariff list targeting 279 imported product lines.

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