Sensex flat amid mixed global cues; Nifty tests 19,650
Reliance Industries and L&T were offset by banking and IT stocks
The Nifty 50 was up 10 points, or 0.05% at 19,684 as of 9:20 a.m., while the S&P BSE Sensex rose 11 points, or 0.02% to 65,958.
From the Sensex stocks, Tata Steel, L&T, UltraTech Cement, and Titan opened in the green, while TCS, Asian Paints, Kotak Bank, and Axis Bank opened in the red.
Strides Pharma Science shares fell over 3% after the firm approved the demerger of CDMO business into Stelis Biopharma.
Century Textiles & Industries shares rose over 4% after its arm Birla Estates launched a residential project in Bengaluru. The project is expected to have a revenue potential of Rs 3000 crore.
On the sectoral front, Nifty IT declined 0.55%, and Nifty Financial Services fell 0.28%.
Whereas, metal, auto, media, FMCG, and realty opened with gians. In the broader market, Nifty Midcap100 gained 0.16%, and Smallcap100 surged 0.64%.
Experts Take
«There are two forces influencing the market trend now.
On the positive side, the strength of the Indian economy, good corporate earnings trend and flows into the mutual funds, particularly SIPs, are supportive indicators. But the bulls are on the back foot since negative global cues are indicating caution,» V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
Aditya Gaggar, Director of Progressive Shares, said, «On the daily chart, the Nifty50 has formed a DOJI candlestick pattern at its 50DMA support which indicates reversal of trend.
The zone of 19,600-19,635 continues to act as a strong support area whereas, the higher side is capped at 19,780.»
Global Markets
Asian shares mostly sank Tuesday over worries about a possible US government shutdown and the troubled Chinese economy. Tokyo's Nikkei
