Mumbai, Aug 28: Indian equity indices were trading flat, influenced by negative global cues from Asian markets. At 9:40 a.m., the Sensex was down by 45 points, or 0.05%, at 81,667, while the Nifty fell by 21 points, or 0.10%, to 24,996. The Nifty’s all-time high stands at 25,078.
Despite the current flat trading, the market trend remains positive. On the National Stock Exchange (NSE), 1,470 shares were advancing, while 620 were declining. There is a noticeable buying trend in midcaps and smallcaps compared to largecaps. The Nifty Midcap 100 index rose by 108 points, or 0.18%, to 59,316, and the Nifty Smallcap 100 index increased by 93 points to 19,426.
Sectoral indices showed gains in Auto, IT, Pharma, FMCG, Media, Energy, and Infra, whereas Financial Services, Metal, and Private Banks were among the major laggards. In the Sensex pack, notable gainers included M&M, Tata Motors, Power Grid, Sun Pharma, Titan, Wipro, Reliance, ITC, UltraTech Cement, Bharti Airtel, and HDFC Bank. Conversely, Tata Steel, Bajaj Finserv, Maruti Suzuki, TCS, HCL Tech, and ICICI Bank were among the top losers.
Asian markets were predominantly trading in the red, with Tokyo, Shanghai, Seoul, and Hong Kong showing significant declines. The US market had marginal gains on Tuesday.
Market experts note that the market appears to be in a consolidation phase with low volatility, a trend likely to persist in the near term. The recent decline in US bond yields has curbed Foreign Institutional Investor (FII) selling and even turned them into marginal buyers.
