Mumbai: Indian equity markets traded 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 midcap and smallcap stocks. The Nifty midcap 100 index was down 200 points, or 0.33 percent, at 60,650, and the Nifty smallcap 100 index was up 34 points, or 0.18 percent, at 19,473.
Among the sectoral indices, Financial services, 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. Tokyo, Shanghai, Hong Kong, and Bangkok are trading in the green, while 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 highly attractive 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, will likely 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.
Foreign institutional investors (FIIs) sold equities worth Rs 2,784 crore on September 24, while domestic institutional investors extended their buying by buying equities worth Rs 3,868 crore on the same day.
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–IANS
