Sensex trades flat, Nifty hovers around 10,300 in late morning

Stocks pared their early losses to

trade flat in late morning session amid lower Asian cues on

uncertainty in US tax reforms.

The benchmark BSE Sensex was marginally lower by 2.70

points at 33,248.23 at 1100 hrs with 16 components led by Tata

Motors and Asian Paint trading in the negative.

The 30-share index resumed lower at 33,235.75 and hovered

between 33,280.55 and 33.135.94 in morning trade.

Investors opted for wait and watch policy ahead of GST

Council outcome providing relief to small businesses, also the

Index of Industrial Production (IIP) numbers to be released

today.

All the sectoral indices were trading mixed with selling

in energy, healthCare, auto, IT and oil&gas and buying in

realty, consumer durable, capital goods, industrials and power

followed by secondline shares of midcap and smallcap counters.

The broader NSE Nifty trading at 10,305.85, down by

marginal 3.10 points, or 0.03 per cent.

Major losers were Tata Motors 2.82 pct, Asian Paint

2.58 pct, Tatamtrdvr 1.73 pct, Adaniports 1.35 pct, Reliance

1.23 pct and Coal India 1.13 pct.

Gainers include L&T 3.79 pct, ITC 1.67 pct, ICICI Bank

1.22 and ONGC 0.90 pct.

Foreign portfolio investors (FPIs) sold shares worth

a net Rs 713.75 crore yesterday, as per provisional data

released by stock exchanges. Domestic institutional investors

(DIIs) bought shares worth a net Rs 231.25 crore.

Overseas, Asian markets were trading lower on uncertainty

about US tax reforms after Senate Republicans unveiled a plan

that differed from the House of Representatives' version in

several key areas, including a delay in the timing of a

corporate tax cut.

The US stocks closed lower yesterday with the Dow

snapping a seven-day win streak on worries over a possible

delay in much-anticipated corporate tax cut.

-- Rupee pares losses against dollar; trades at 65.02 --

The rupee pared its early losses against the dollar to

trade at 65.02, still down by 8 paise, in late morning session

at interbank foreign exchange market.

The rupee opened lower at 65.11 against previous close of

64.94 on strong demand for the greenback and early losses in

stock markets.

The rupee recovered some ground against the dollar later

to trade at 65.02, down by 8 paise at 1130 hrs.

The domestic currency moved between 65.11 and 65.0150 in

morning trade.

The dollar fell marginally against world currencies amid

uncertainty over US tax reforms.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)