The Indian equity markets traded flat on Wednesday with a slight negative bias, weighed down by losses in IT stocks
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MUMBAI — The Indian equity markets traded flat on Wednesday with a slight negative bias, weighed down by losses in IT stocks.
As of 9.30 am, Sensex lost 27 points, or 0.03 per cent, to reach 83,423, and Nifty dipped 2 points, or 0.01 per cent at 25,722.
Main broad-cap indices showed divergence with the benchmark indices, as the Nifty Midcap 100 added 0.4 per cent, and the Nifty Smallcap 100 gained 0.36 per cent.
All major sectoral indices traded in the green except Nifty IT (down 1.35 per cent) and private bank (down 0.14 per cent). Nifty metal was the major gainer, up 1.20 per cent.
Immediate support for Nifty is placed at 25,550-25,600 zone, while resistance is anchored at 25,850-25,900 range, market watchers said.
Bank Nifty continues to exhibit strong relative outperformance, sustained leadership from private sector banks, along with renewed traction in select PSU banks, analysts said.
Immediate support is seen in the 60,900–60,600 zone, while resistance is placed around 61,300–61,400, they added.
The benchmark indices saw gains in two consecutive sessions, supported by continued strength in banking, financials, energy, pharma, and select IT stocks amid improving sentiment. However, some near-term caution persists due to selective profit booking in richly valued segments and mixed global signals, market participants said.
The market may remain range-bound in the absence of fresh triggers, with clearer direction expected only from sustained earnings momentum or improved global stability, they added.
On account of Lunar New Year, major markets across Asia will continue to remain closed on Wednesday. In mainland China, the Shanghai Stock Exchange and the Shenzhen Stock Exchange will remain closed till February 23, while Hong Kong Stock Exchange will remain shut till February 19.
The US markets ended largely in the green in the last trading session as Nasdaq gained 0.14 per cent. The S&P 500 added 0.1 per cent, and the Dow Jones gained 0.07 per cent.
On February 17, foreign institutional investors (FIIs) net bought equities worth Rs 187 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 995 crore.