Sensex trades flat amid weak global cues

Mumbai, Sep 11
India equity indices were trading flat following weak global cues from the US and Asian Markets.

At 9.45 a.m., Sensex was up 69 points or 0.09 per cent at 81,990 and Nifty was up 29 points or 0.12 per cent at 25,070.

In early trade, Buying was seen in the midcap and smallcap stocks. Nifty midcap 100 index was up 291 points or 0.49 per cent at 59,330 and Nifty smallcap 100 index was up 88 points or 0.46 per cent at 19,405.

In the Sensex pack, Asian Paints, Sun Pharma, Bajaj Finance, Bharti Airtel, Ultratech Cement, HUL, SBI, Power Grid, HCL Tech, ITC and Kotak Mahindra Bank were top gainers. Tata Motors, Wipro, ICICI Bank, JSW Steel, Infosys, Titan, HDFC Bank and Tech Mahindra were the top losers.

According to the market experts, "The Fed will kick off its rate-cut cycle this month. In India, too, we can expect two rate cuts by the MPC in FY25. Banking stocks, which are attractively valued, are good buys now for medium to long-term investors. The investor preference of defensives like Pharma and FMCG is likely to continue."

Among the sectoral indices, PSU Bank, pharma, FMCG, infra and IT were top gainers. Auto, metal, realty, energy and pvt bank were top laggards.

Deven Mehata, Derivative Analyst of Choice Broking, "Nifty can find support at 25,000 followed by 24,900 and 24,800. On the higher side, 25,150 can be an immediate resistance, followed by 25,250 and 25,300."

Almost all Asian markets were trading in the red. Tokyo, Hong Kong, Seoul and Bangkok fell the most. The US markets closed mixed on Wednesday.

The foreign institutional investors (FIIs) extended their buying as they bought equities worth Rs 2,208 crore on September 10, while domestic institutional investors sold equities worth Rs 275 crore on the same day.