Market Update: Nifty, Sensex trade flat with negative bias; Tata Steel top gainer, Wipro slip the most
The Indian markets were trading flat after opening positive amid mixed global cues this morning.
The Indian markets were trading flat after opening positive amid mixed global cues this morning. The broader Nifty50 and the S&P BSE Sensex were hovering around their opening numbers. The Nifty50 continued to trade above 18, 200 as the index gained 4.80 points or 0.03% to 18,217.15 at 12.50 pm. Similarly, the 30-share Sensex was trading flat with negative bias. The index declined 38 points to 61,112.31 around the same time.
Talking about key levels, Parth Nyati, Founder, Tradingo, had said 18200 that has opened the door for a fresh all-time high, however, 18342 could be an intermediate hurdle. On the downside, 18000-17950 will act as an immediate and strong demand zone, while 17800/17640 are the next support levels, he said.
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Tata Steel was the top gainer with nearly 5 percent gain at Nifty50 as the index saw 29 shares advancing 21 declining in the afternoon trade. Top loser on the index was Wipro with nearly 6 per cent loss after missing the street's estimates in Q2FY22 result declared on Wednesday.
Sun Pharma, JSW Steel, Coal India and UPL were other shares that gained the most on Nifty50. Besides these stocks, L&T, Powergrid, Dr Reddy, Bajaj Finserv and TCS were stocks that gained on the Sensex.
After Wipro, Maruti, HDFC Bank, IndusInd Bank, Tata Consumer, Asian Paints and Kotak Bank were other losers on the two indices. IT shares remained in focus amid result posted by frontline IT companies on Wednesday. TCS, Infosys gained between 1 to 1.5 per cent during the day.
Sectorally, all Nifty indices traded flat to green in the afternoon trade. Besides, Nifty Bank, Auto, Financial Services, Nifty IT and Nifty Realty remained under pressure on Wednesday. The 12-share Bank Nifty was trading lower by over 250 points to below 38,500.
"38500 will be an important level for the Banknifty and if manages to hold this level then it may head towards the 39000-39100 zone otherwise it may see a pullback towards the 38000 level," Parth Nyati had said after Wednesday's closing.
01:15 PM IST