Sensex Trades Flat, Nifty Below 11,300

Domestic stock indices were trading flat in late afternoon trade after opening on a positive note on Wednesday. At 1:34 pm, the S&P BSE Sensex advanced 5.86 points or 0.02 per cent to trade at 37,296.53. The broader Nifty50 was trading at 11,272.50, down 6.40 points or 0.06 per cent at the same time. Value-buying was seen in recently battered stocks amid strength in the rupee and positive global cues in morning trade today. Sectoral indices, including metal, healthcare, oil and gas, FMCG, auto, capital goods, realty, and banking were trading in the positive terrain by rising up to 1.06 per cent.

Prominent gainers in the 30-share Sensex pack in the session were Coal India (+1.77%), Sun Pharma (+1.71%), Yes Bank (+1.52%), Tata Steel (+1.36%), Asian Paints (+1.22%) and Tata Motors (+1.15%). Coal India (+1.74%), Sun Pharma (+1.48%), Eicher Motors (+1.35%), Yes Bank (+1.19%) and Dr Reddy’s (+1.15%) led the pack of Nifty gainers.

The Indian rupee recovered from its record low by rising 28 paise to 72.70 against the dollar at the forex market in early trade today.

Market regulator Sebi or Securities and Exchange Board of India on Tuesday announced revised KYC (Know Your Customer) norms for foreign investors, reduction in the listing time after a public offer to three days, and lower charges levied by mutual funds from investors. Overseas entities have been permitted to trade in commodity derivatives subject to certain conditions. This would deepen the commodities market.

Asian stocks rose and US Treasury yields hovered near four-month highs on Wednesday, as investors looked past the latest escalation in the US-China trade conflict, seen by some market participants as less severe than expected.

Globally, oil prices on Wednesday pulled back from gains racked up the previous day, pushed down amid a surprise climb in U.S. crude stockpiles.

On the other hand, main losers in the 30-share Sensex pack in the morning session were HDFC Bank (-0.31%), HDFC (-0.70%) and Wipro (-0.92%). The top laggards in the 50-share Nifty pack were Titan (-3.48%), Wipro (-0.30%), ZEEL (-0.25%) and Power Grid (-0.08%).

Meanwhile, Sensex closed 294 points lower on Tuesday. The NSE benchmark index Nifty fell 98 points to end at 11,278. That marked lowest closing levels for both the indices since August 2. (With agencies inputs)

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