Home Market Sensex, Nifty50 flat; Mahanagar Gas drops 3%, ICICI Bank 1%

Sensex, Nifty50 flat; Mahanagar Gas drops 3%, ICICI Bank 1%


NEW DELHI: Benchmark indices opened on a cautious note on Wednesday, despite firm cues from other Asian markets.

Markets in Asia rose in morning trade following an overnight surge in US equities as the Chinese President's Xi's comments on lowering of trade curbs allayed concerns over rising trade trensions between the two largest economies.

The domestic market too opened on a positive note, before erasing entire gains.

At 9.22 am, the BSE Sensex was trading 6.92 points, or 0.02 per cent, lower at 33,873.33. The NSE benchmark Nifty50 was ruling at 10,397.80, down 4.45 points or 0.04 per cent.

Technical charts for the domestic indices were suggesting higher chances of profit taking in 10,430-10,440 range, which has proved a key resistance zone in the last six weeks.

"Unless the level of 10,450 is taken off on a closing basis the index has a high probability to form a distribution near these multiple hurdles. On the flip side, breach of the immediate support zone of 10,350-10,300 would induce bears to occupy the driving seat," Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan.

Shares of ONGC climbed 2 per cent to Rs 183.70. Tata Steel, Sun Pharma and Reliance Industries added 1.36 per cent, 1.20 per cent and 1.01 per cent, respectively. Adani Ports fell 1.66 per cent to Rs 380.05. ICICI Bank declined 1.52 per cent to Rs 284.50.

Shares of Mahanagar Gas fell 3 per cent on block deals. BG Asia Pacific Holdings Pte (now owned by Royal Dutch Shell Plc), is looking to sell up to 7.5 per cent stake, worth $ 103 million (nearly Rs 670.50 crore), in Mahanagar Gas though a block trade on Wednesday, according to a term sheet seen by ET.

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