Sensex, Nifty Trade On Flat Note; IT stocks are winning, bank stocks are going down

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Indian stock indices traded flat on Wednesday as gains in information technology, media and metals stocks were offset by a subdued trend in banking and financial services stocks amid a mixed trend in equities. other Asian markets. The Sensex rose 50 points or 0.1% to 59,056 and the Nifty 50 Index rose 20 points or 0.12% to 17,582 at 9:24 a.m.

Stocks in Asia found support and US futures rose on Wednesday after faltering developer China Evergrande said it would pay bond interest due Thursday, allaying fears of an imminent and messy collapse that had spooked Investors.

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The largest MSCI index for Asia-Pacific stocks outside of Japan was 0.3% lower by mid-morning. Japan’s Nikkei fell 0.6%, while Australian stocks rose 0.7%. Hong Kong markets have been closed for a holiday.

Back at home, eleven of the 15 sector indicators compiled by the National Stock Exchange were trading higher, led by the gain of more than 7% of the Nifty Media index.

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The Nifty Realty, PSU Bank, IT, Consumer Durables and Auto indices also rose 0.5 to 1.5% each.

In contrast, the Nifty Bank, Financial Services, FMCG and Private Bank indices traded on a moderate note.

Small and mid-cap stocks outperformed their larger counterparts, with the Nifty Midcap 100 and Nifty Smallcap 100 indices each increasing 1% each.

Tata Motors was Nifty’s top winner, the stock rose 3.23% to Rs 312. NTPC, Tech Mahindra, Hindalco, Adani Ports, Bharat Petroleum, IndusInd Bank, Mahindra & Mahindra, Indian Oil, State Bank of India and JSW Steel also rose between 0.6-1.7 percent.

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On the other hand, Nestlé India, HDFC Bank, Axis Bank, Hindustan Unilever, HDFC, Hero MotoCorp, Dr Reddy’s Labs, Divi’s Labs, Larsen & Toubro and UPL were among the latecomers.

The overall scale of the market was overwhelmingly positive as 1,864 stocks rose while 699 fell on BSE.

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