Sensex flat again amid negative local and global cues

Indian fairness benchmarks have been buying and selling flats on Friday, following negative global cues and local sentiments hinting at uncertainty after June 4 counting of votes within the nation.

At 10.00 a.m., Sensex was at 75,318, down 99 factors and Nifty was at 22,933, down 34 factors. Midcap and smallcap shares are performing higher as in comparison with largecaps.

The Nifty midcap 100 is up 47 factors or 0.09 per cent, at 52,464 factors and the Nifty smallcap 100 is up 70 factors or 0.42 per cent, at 16,981 factors. The India volatility index, India VIX is up 1.64 per cent, at 21.73 factors.

Among the sector indices, PSU Bank, Metal, Media, Commodities, PSE, and Service sectors are main gainers. IT, Auto, FMCG, Pharma, Energy, and Infra are main laggards.

Fourteen out of 30 Sensex shares are buying and selling in pink. L&T, Bajaj Finserv, Wipro, Tata Steel, Tata Motors, and SBI are the highest gainers. M&M, Maruti Suzuki, TCS, Infosys, Sun Pharma, and JSW are the highest losers.

A decline is being seen in Asian markets. The markets of Tokyo, Shanghai, Seoul, Bangkok, and Hong Kong stay underneath stress. Only Jakarta markets are within the inexperienced. The US market closed with a decline in Thursday’s session.

Crude oil benchmark Brent crude is at $81 per barrel and WTI crude is at $76 per barrel.

Market specialists mentioned: “The 1196 level rally within the Sensex yesterday was triggered primarily by the sudden shift in FII commerce from sustained sellers to massive patrons leading to shopping for of Rs 4,671 crore. The large short-covering attributable to this sudden change in FII commerce contributed to the sharp rally.”

“What makes this rally wholesome is the truth that it’s being led by pretty valued largecaps with the overvalued broader market taking a backseat. The development of outperformance of largecaps is prone to proceed,” they added.

(With inputs from IANS)