The Indian equity benchmarks were trading on a flat note on Wednesday as gains in HDFC Bank, Tata Consultancy Services, Axis Bank and Larsen & Toubro were offset with losses in Reliance Industries, Infosys, HDFC, ICICI Bank and Hindustan Unilever. The Sensex traded in a band of around 300 points and Nifty 50 index touched an intraday high of 17,561 and low of 17,485 amid mixed global cues. Share markets were jittery in early Asia on Wednesday as trading was buffeted by a step-up in U.S. Treasury yields as well as volatile oil prices in the face of price-cooling moves by the United States and other nations.
MSCI’s broadest index of Asia-Pacific shares outside Japan slid 0.24 per cent, while Japan’s benchmark Nikkei stock price index fell 1.13 per cent, as it returned from holiday and caught up with global falls the day before.
As of 9:25 am, the Sensex was up 67 points at 58,731 and Nifty advanced 37 points to 17,540.
Buying was visible across the board, as all the sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty PSU Bank and Oil & Gas indexes’ over 1.4 per cent gain. Nifty Realty, Consumer Durables, Pharma and Media indices also rose between 0.5-0.8 per cent.
Mid- and small-cap shares were outperforming their larger peers as Nifty Midcap 100 index rose 0.67 per cent and Nifty Smallcap 100 index climbed 1.32 per cent.
ONGC was top Nifty gainer, the stock rose 4 per cent to Rs 152.50. Bharti Airtel advanced over 2 per cent to hit record high of Rs 777 after the company informed exchanges that it launched its hyperscale data center park – Nxtra in Chennai.
Adani Ports, SBI Life, Sun Pharma, Bharat Petroleum, Indian Oil, NTPC, HDFC Life, Power Grid, UPL and State Bank of India also rose between 0.8-2 per cent.
On the other hand, Infosys, Hindalco, Maruti Suzuki, Bajaj Finserv, Tech Mahindra, Divi’s Labs, Hero MotoCorp, Asian Paints and Mahindra & Mahindra were among the losers.
The overall market breadth was extremely positive as 2,116 shares were advancing while 603 were declining on the BSE.