The Indian equity benchmarks, Sensex and Nifty, were trading flat on Wednesday amid volatility in the markets. The BSE Sensex was down 20 points, or 0.03%, at 71,366 at 10:30 AM. Similarly, the NSE Nifty50 index was trading at 21,528, down 17 points, or 0.08%.
On the Sensex pack, stocks like NTPC, M&M, Bajaj twins, ITC, and Infosys were witnessing selling pressure. NTPC fell nearly 2%, emerging as the top loser on Sensex. Meanwhile, HCL Tech, IndusInd Bank, ICICI Bank, TCS, Titan, and Tech Mahindra were among the notable gainers.
The broader markets represented by the BSE Midcap and Smallcap indices also traded weak, falling over 0.5% and 0.1% respectively. This highlights the risk-off sentiment prevailing in the market.
In Tuesday’s session, Sensex had closed 31 points higher at 71,386. Nifty50 too had settled with gains of 32 points at 21,545.
Asian markets presented a mixed picture as Japan’s Nikkei surged 1.8% while key indices in South Korea, China, Hong Kong and Taiwan were trading lower. Overnight, the US markets had ended mostly in the red.
Foreign institutional investors (FIIs) were net sellers on Tuesday, offloading equities worth ₹990.90 crore according to exchange data. This consistent selling by FIIs has been weighing on market sentiment.
In commodities, global oil benchmark Brent crude was trading 0.22% higher at $77.76 per barrel.
The flat but volatile trade in Indian indices reflects investors’ cautious stance amid weak global cues and continued foreign funds outflow. Key domestic factors like corporate earnings and Union Budget 2023 are likely to dictate near-term trend.
