Mumbai: The Nifty 50 and Sensex opened almost flat on Wednesday, as buying was seen in sectors like oil and gas and metal, while FMCG and PSU Bank were trading in the red.
Sensex was up 59 points at around 82,451 while Nifty was up 18.55 points at 25,122 in the early trade.
On the National Stock Exchange, 11 sectoral indices advanced, two declined, and two remained flat out of 15 (around 9.25 am). The NSE Nifty Media rose the most.
JSW Steel, Cipla, NTPC and Tech Mahindra were among major gainers on the Nifty, while losers were Grasim Industries, Shriram Finance, Asian Paints, L&T, Titan Company. BSE Midcap and smallcap index up 0.3 percent each.
According to analysts, market is likely to continue in the consolidation range with a slight upward bias.
A clear breakout above Nifty 25,100 level, and sustaining above this level, will need sustained large buying. This can happen on positive news regarding a US-China trade deal.
“In the near-term the market will respond to news regarding the trade negotiations. If there is a clear agreement the market will respond positively and there is a high probability of Nifty breaking above 25100 and remaining above this level,” said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd.
Liquidity will support a mild rally. But a strong rally needs earnings support. There are no indications yet about a strong recovery in earnings. This will cap any short-term rally in the market, he added.
Meanwhile, FIIs continued their buying spree for the third consecutive session, with net purchases of Rs 2,301 crore on June 10. DIIs maintained their positive stance for the 16th straight session, investing Rs 1,113 crore.
This consistent institutional support reflects underlying confidence in the market, helping absorb global uncertainties.
US Stocks traded sideways for much of the day on Tuesday, but perked up to close higher. S&P 500 climbed 0.6 per cent, leaving it just 1.7 per cent away from its record close on February 19.
According to reports, US Treasury Secretary Scott Bessent has emerged as a possible candidate to succeed Federal Reserve Chair Jerome Powell.
(IANS)
