MUMBAI — The Indian benchmark indices opened flat on Thursday ahead of key
retail inflation data, as selling was seen in the auto, IT and PSU Bank sectors
in the early trade.
At around 9.28 am, Sensex was trading 69.22 points or
0.08 per cent up at 82,584.36 while the Nifty added 23.65 point or 0.09 per
cent at 25,165.05.
Nifty Bank was up 98.65 points or 0.17 per cent at
56,558.40 The Nifty Midcap 100 index was trading at 59,267.75 after dropping
120.40 points or 0.20 per cent. Nifty Smallcap 100 index was at 18,772.35 after
declining 26.40 points or 0.14 per cent.
According to analysts, Nifty ended higher yesterday but
slipped off its intra-day peak. Technically, yesterday's candle was a doji with
a slightly longer upper shadow immediately following the 'upside-gap two crows'
pattern so the onus is on bulls to protect 25,029 in the near-term.
"If bears are able to drag the index below the
24,987-25,029 zone, a test of the 24,800-24,863 area will become a high
probability event," said Akshay Chinchalkar, Head of Research of Axis
Securities.
Meanwhile, in the Sensex pack, Asian Paints, Sun Pharma,
Bajaj Finserv, Bharti Airtel, Bajaj Finance, NTPC and HDFC Bank were the top
gainers. Whereas, Infosys, Eternal, Tata Motors, Tech Mahindra, HCL Tech, Tata
Steel and IndusInd Bank were the top losers.
In the Asian markets, Hong Kong, Bangkok, Jakarta and
Japan were trading in red, whereas Seoul and China were trading in green.
In the last trading session, Dow Jones in the US closed
at 42,865.77, down 1.10 points, or 0.00 per cent. The S&P 500 ended
with a loss of 16.57 points, or 0.27 per cent, at 6,022.24 and the Nasdaq
closed at 19,615.88, down 99.11 points, or 0.50 per cent.
The recent flattish trend in the market is likely to
continue in the near-term since there are no clear positive triggers that can
push the market much higher, said experts.
There are reports of a possible agreement between the US
and China. But the Chinese haven’t officially confirmed anything.
“Also, US President Donald Trump has declared that he
will be sending letters to trade partners in the next two weeks setting
universal tariffs. Market participants will be waiting and watching for clarity
on this. The tariff crisis is not yet over,” explained Dr VK Vijayakumar, Chief
Investment Strategist, Geojit Investments Ltd.
On the institutional front, foreign institutional
investors (FIIs) were net sellers as they sold equities worth Rs 446.31 crore
on June 11, while domestic institutional investors (DIIs) purchased equities
worth Rs 1,584.87 crore.
