Sensex continues to trade flat, Nifty around 10,950; Axis Bank, TCS gain

Among sectoral indices information technology (IT) stocks are standing out, gaining over 1 percent on the Nifty. This is led by gains in Tata Consultancy Services (TCS)

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Market Update Benchmark indices have continued to trade flat in the first hour of trade, with the Nifty hovering around 10,950.

The Sensex is up 10.50 points or 0.03% at 36250.12, while the Nifty is up 2.40 points or 0.02% at 10949.70. The market breadth is narrow as 901 shares have advanced, against a decline of 836 shares, while 91 shares are unchanged.

TCS, Bajaj Auto, and Bharti Infratel are the top gainers, while Vedanta, Coal India, and Hindalco have lost the most.

Shares of Axis Bank gained around a percent in the morning trade on Wednesday as investors cheered the news of possible successors to existing MD Shikha Sharma.

The stock touched an intraday high of Rs 537.50 and an intraday low of Rs 531.00.

The board of the private sector lender has recommended names of three candidates for the position of MD & CEO, the bank said in a release to the exchanges.

The names have been recommended in order of preference for approval by the Reserve Bank of India (RBI), the release said.

Share price of Kridhan Infra rose 7 percent  in the opening trade on Wednesday as it won an order worth Rs 74.2 crore. The company’s associate company Vijay Nirman Company (VNC) has won new orders worth Rs 74.2 crore, which includes construction work at IGI Airport, Delhi. These are to be completed within 5-7 months.

Market Opens Equity benchmarks have begun the day on a flat note, with the Nifty trading just below 10,950-mark. The Sensex has held on to 36,200-mark on Wednesday morning.

The Sensex is higher by 23.84 points or 0.07% at 36263.46, while the Nifty is down 4.00 points or 0.04% at 10943.30. The market breadth is narrow as 235 shares have advanced, against a decline of 222 shares, while 52 shares are unchanged.

Among sectoral indices information technology (IT) stocks are standing out, gaining over 1 percent on the Nifty. This is led by gains in Tata Consultancy Services (TCS), and the rally has spilled over to other IT stocks as well. Weakness is visible among metals and PSU banks, among others. Midcaps are trading just around one-tenth of a percent lower.

Rupee opens The Indian rupee opened flat at 68.82 per dollar on Wednesday versus previous close 68.83.

The dollar-rupee July contract on the NSE was at 68.98 in the previous session. July contract open interest declined 1.31% in the previous day, said ICICIdirect.

We expect the USD-INR to find supports at lower levels. Utilise downsides in the pair to initiate long positions, it added.

Markets at pre-open Pre-opening rates indicate a positive start to the market on Wednesday. The Nifty managed to reclaim 11,000-mark in the pre-opening trade, but is off those high points.

At 09:00 hrs IST, the Sensex is up 111.43 points or 0.31% at 36351.05, and the Nifty up 65.50 points or 0.60% at 11012.80.

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