Benchmark indices were trading flat during the afternoon on Wednesday amid profit-booking.

Market opened on a flat note, tracking weak global cues from the Asian markets. Indices moved in a narrow range in the first half, dragged by profit-booking in metals and IT. Pharma and PSU bank stocks continued to witness pressure.

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At 1 pm, the BSE Sensex was trading at 59,804.71, up 59.83 points or 0.10 per cent. It hit an intraday high of 59,963.57 and a low of 59,611.34. The Nifty 50 was trading at 17,828.25, up 5.95 points or 0.03 per cent. It hit an intraday high of 17,884.60 and a low of 17,777.65.

Gaurav Garg, Head of Research, Capitalvia Global Research Ltd, said, “Indian equity benchmarks were trading near their neutral lines in early afternoon session, with both Sensex and Nifty holding marginal gains.”

Markets to open flat on weak global cues

“Domestic sentiments were impacted by negative cues from other Asian markets. Gains will be capped as the International Monetary Fund expects global economic growth in 2021 to fall slightly below its July forecast. Traders will be cautious as a Bombay Chamber of Commerce and Industry survey found that an overwhelming number of exporters are worried about competitiveness after the pandemic,” added Garg.

However, Moody’s upgrading of India’s rating to stable, from negative, will help the bullish sentiment in the market, according to analysts.

ONGC, UPL, Tata Consumer, Britannia and HDFC Bank were the top gainers on the Nifty 50 while Hindalco, SBI Life, JSW Steel, Coal India and Titan were the top losers.

Sectoral show

On the sectoral front, while metals, IT, pharma and realty dragged, financials, barring PSU bank and oil & gas stocks, gained focus.

Nifty Metal was down 1.66 per cent. Nifty Pharma and Nifty Healthcare Index were down 1 per cent and 0.97 per cent. Nifty IT was down 0.56 per cent while Nifty Realty was down 0.64 per cent.

Nifty PSU Bank was down 0.62 per cent. Meanwhile Nifty Bank and Nifty Financial Services were trading 0.59 per cent and 0.77 per cent higher, respectively. Nifty Private Bank was up 0.65 per cent. Nifty Oil & Gas was up 0.53 per cent.

Broader indices

In the broader market, mid-caps faced pressure even as small-caps sustained gains.

Nifty Midcap 50 was down 0.34 per cent while Nifty Smallcap 50 was up 0.43 per cent. The S&P BSE Midcap was down 0.23 per cent while the S&P BSE Smallcap was up 0.60 per cent.

The volatility index softened 0.57 per cent to 16.30.