Equity indices flat amid weak global cues, banking stocks fall

Mumbai: The Indian stock market traded on a flat-to-negative note on Wednesday morning tracking decline on the global markets.

Selling pressure was witnessed in banking and finance stocks.

Around 10.25 a.m, Sensex was trading at 52,712.64, lower by 57.09 points or 0.11 per cent from its previous close of 52,769.73.

It opened at 52,801.44 and has so far touched an intra-day high of 52,801.44 and a low of 52,611.97 points.

Tech Mahindra, HCL Technologies and Sun Pharmaceutical Industries were the top gainers on the Sensex, while the major losers were HDFC, Hindustan Unilever and Maruti Suzuki India.

The Nifty50 on the National Stock Exchange was trading at 15,794.35, lower by 18.00 points or 0.11 per cent from its previous close.

Manish Hathiramani, technical analyst, Deen Dayal Investment said: “Once again the index has opened on a tepid note. The range bound movement of the Nifty is challenging and testing the patience of traders. Until we do not get past either level of this range which is currently between 15,400 and 15,900, we will not witness momentum and a one-sided trading opportunity.”