Sensex, Nifty flat in early trade;auto, banking shares retreat
Stocks lost early gains to trade flat
in morning session as banking, auto, FMCG and energy shares
witnessed selling despite strong global cues.
The BSE Sensex was trading down by 36.06 points or 0.11
per cent at 33,776.69 at 0950 hrs.
The 30-share index had risen by 148.38 points, or 0.43
per cent, to 33,961.13 in opening trade with all sectoral
indices led by realty, power and infrastructure advancing by
up to 0.82 per cent.
The broader Nifty also surrendered gains to trade down by
3.95 points or 0.04 per cent at 10,431.60.
SBI dropped the most by over 1 per cent among Sensex
scrips. Hindustan Unilever, Kotak Bank and Asian Paints also
dropped yup to 1 per cent.
Stocks failed to hold onto gains after positive core
industry data. Infra sector grew at the fastest pace in more
than a year at 6.8 per cent in November 2017 on the back of
robust performance in segments like refinery, steel and
The big gainers that supported the Sensex include
ONGC, NTPC, Coal India, Dr Reddy's, HDFC Bank, IndusInd Bank,
and Bharti Airtel, rising by up to 1.87 per cent.
In the auto space, Bajaj Auto, Tata Motors and M&M too
were in keen demand largely on the back of encouraging sales
data for December and gained up to 1.51 per cent.
Elsewhere in Asia, Hong Kong's Hang Seng rose 1.58 per
cent while Shanghai Composite index up 1.18 per cent in
early trade today. Japanese markets remained closed today for
an extended new year holiday.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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