Sensex, Nifty remain flat amid weak global cues; IT stocks fall

Bajaj Auto, Bharti Airtel, and Aurobindo Pharma were the top gainers, while Infosys, SBI, Tech Mahindra and Bharti Infratel lost the most.

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Shares are currently trading flat, with the Nifty hovering around 10,500.The Sensex is down 6.59 points or 0.02% at 34177.45, and the Nifty up 2.30 points or 0.02% at 10495.20. The market breadth is positive as 1160 shares advanced, against a decline of 736 shares, while 158 shares are unchanged.

PSU banks have come under selling pressure, along with IT and FMCG names.

Bajaj Auto, Bharti Airtel and Aurobindo Pharma were the top gainers, while Infosys, SBI, Tech Mahindra and Bharti Infratel lost the most.

Shares of tractor maker Escorts rose more than 2 percent in the early trade on Thursday as the company has posted strong volume growth in the month of February 2018.

The company’s agri machinery segment sales grow by 52.2 percent at 6462 tractors against 4247 tractors in February 2017.

Domestic sales for the month of February 2018 at 6295 tractors up by 53.4 percent as against 4104 tractors in February 2017. While on the export front, the company sold 167 tractors against 143 tractors, up by 16.8 percent.

9:30 am Buzzing Stock: Shares of Dilip Buildcon rose 3.7 percent in the early trade on Thursday as the company declared the lowest bidder by NHAI for 3 new projects.

The company has declared L-1 bidder by the National Highways Authority of India (NHAI) for three new hybrid annuity projects valued at Rs 5390 crore in the state of Karnataka and Jharkhand respectively.

The trading window for dealing in the securities of the company by its designated employees, directors and promoters is already closed till March 2, 2018, which shall continue to remain closed till March 6, 2018.

9:15 am Market Opens: Equities have begun the day on a flat note, with the Nifty hovering around 10,500-mark.

The Sensex is down 35.91 points or 0.11% at 34148.13, while the Nifty is down 5.50 points or 0.05% at 10487.40. The market breadth was positive as 301 shares advanced, against a decline of 221 shares, while 98 shares are unchanged.

Bajaj Auto and Tata Steel gained the most on both indices, while Infosys and Dr Reddy’s Laboratories have lost the most.

Among global markets, Asian stocks declined on the first trading day of the month after finishing February with losses. Declines in the region also tracked sharp losses seen stateside in the previous session.

The Nikkei 225 declined 1.39 percent, or 307.24 points, on the first day of March. Automakers, technology stocks, and financials traded lower.

Heavyweight SoftBank Group lost 0.94 percent, Toyota slid 1.71 percent and apparel company Fast Retailing was off 0.78 percent. Among manufacturing names, Fanuc declined 1.74 percent and Kyocera shed 1.75 percent.

US stocks sold off late to end sharply lower on Wednesday, dragged down by continued worries over rising interest rates, and the Dow and S&P 500 capped their worst months since January 2016.

The S&P 500 also snapped a 10-month straight run of gains, which had been its longest monthly winning streak since an 11-month run from March 1958 to January 1959.

Wednesday’s declines closed a month marked by spikes in volatility and fears that rising inflation could prompt the Federal Reserve to pick up the pace of interest rate hikes.

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