Sensex, Nifty Muted In Noon Trading; Tech Mahindra, the top M&M winners

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Tech Mahindra, M&M, Tata Steel, HCL Tech and Reliance Industries gained 1-3% each

Benchmarks are subdued Wednesday afternoon amid choppy trading, a day after climbing about one percent, amid mixed Asian indices. Asian markets are evolving in a mixed manner as concerns about the Chinese group Evergrande continue to weigh on investor morale. As of 12:25 p.m., the BSE Sensex was trading at 59,069.01, up 63 points or 0.1% and the NSE Nifty was at 17,582, up 22 points or 0.1%. Some information technology stocks are trading heavily, while financials are under selling pressure.

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Larger markets outperform their large cap counterparts, with the BSE Midcap Index and BS Smallcap Index advancing by 1% each.

In the currency market, the rupee depreciated 11 paise to 73.72 against the US dollar, following a strong greenback in the overseas market. In the interbank forex market, the rupee opened at 73.70 against the dollar, then fell further to 73.72, recording an 11 paise decline from the last close.

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On the specific stocks front, Tech Mahindra climbed 3.7% to top the list of BSE winners. M&M, Tata Steel, HCL Tech and Reliance Industries are the other big winners of the ESB package.

On the other hand, HDFC, Hindustan Unilever, HDFC Bank and ICICI Bank lost 1-2% each on BSE.

Among stocks in the news, Mphasis rose 3.2% to a record Rs 3,301 on BSE when it acquired US firm Blink UX, a research, strategy and design firm on user experience.

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And shares of Zee Entertainment rose 24% to a new 52-week high of Rs 317 on BSE after the board approved a merger with Sony Pictures Networks India (SPNI).

The scope of the BSE market is strong. Out of 3,205 shares traded on the BSE, there are 2,032 stocks up against 1,104 down.

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