Sensex, Nifty flat in early trade ahead of key poll results
The Hindu
The 30-share BSE Sensex rose marginally by 28.87 points to 62,439.55 in a choppy trade. As many as 16 of its components gained while 14 declined.
Benchmark equity indices Sensex and Nifty traded almost flat in morning trade on Thursday as gains from crude oil prices and select banking stocks were offset by losses in IT and FMCG shares amid assembly poll results in Himachal Pradesh and Gujarat.
The 30-share BSE Sensex rose marginally by 28.87 points or 0.05 per cent to 62,439.55 in a choppy trade. As many as 16 of its components gained while 14 declined.
The broader Nifty of the National Stock Exchange was marginally up 8.60 points or 0.05 per cent at 18,569.10 as 28 of its constituents advanced, 21 declined and 1 remained unchanged.
Among major gainers, IndusInd Bank rose by 1 per cent, Axis Bank by 0.91 per cent and ICICI Bank by 0.95 per cent on BSE. SBI, Mahindra & Mahindra, L&T, Nestle, UltraTech Cement, Maruti and Reliance also advanced.
On the other hand, Kotak Bank, HUL, TCS, Tech Mahindra, Infosys, Power Grid, Asian Paints, Sun Pharma, Dr Reddy's and Wipro declined.
"Even while reaffirming that the Indian economy is doing well in a world of slowing growth and inflation fears, RBI Governor Shaktikanta Das indicated that the global spillovers are slowing down India’s economic momentum," V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.
"The PSU banking space, particularly the leading names, is likely to remain resilient. Capital goods stocks are showing strength," he said.
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