Sensex, Nifty Trade On Flat Note; IT Stocks Gain, Banking Shares Subdued

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Sensex, Nifty Trade On Flat Note; IT Stocks Gain, Banking Shares Subdued

The Indian equity benchmarks were trading on a flat note on Wednesday as gains in information technology, media and metal shares were offset with subdued trend in banking and financial services shares amid mixed trend in other Asian markets. The Sensex was up 50 points or 0.1 per cent at 59,056 and Nifty 50 index was rose 20 points or 0.12 per cent to 17,582 by 9:24 am.

Stocks in Asia found support and U.S. futures lifted in relief on Wednesday after teetering developer China Evergrande said it would pay some bond interest due on Thursday, allaying fears of an imminent and messy collapse that had spooked investors.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.3 per cent lower mid-morning. Japan’s Nikkei fell 0.6 per cent, while Australian shares rose 0.7 per cent. Hong Kong markets were closed for a holiday.

Back home, eleven of 15 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Media index’s over 5 per cent gain.

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