Sensex trades flat on weak global cues, IT stocks major losers

New Delhi: BSE benchmark Sensex pared opening gains, trading down by 15.88 points in late morning trade on Monday following selling of stocks in IT, Consumer Durables Finance, Capital Goods and Oil& Gas sectors amid weak Asian cues.

Investors largely turned cautious over global market situation following the Italian referendum and subsequent resignation of that country’s Prime Minister Matteo Renzi.

Buying interest was witnessed in Telecom, FMCG, Auto, Metal, HealthCare, Bank and Utility sectors.

The 30-share Sensex opened higher at 26,253.48 and hovered in a range of 26,273.29 and 26,151.16 before quoting at 26,214.78 at 1100 hours, showing a loss of 15.88 points, or 0.06 per cent, from its last close.

The NSE 50-share Nifty was also trading flat by 0.60 points, or 0.01 per cent, to 8,086.80.75 at 1100 hours.

Major losers were HDFC 2.51 per cent, TCS 1.65 per cent, Wipro 1.37 per cent, PowerGrid 1.14 per cent, HDFC Bank 0.69 per cent. Notable gainers included Lupin 2.43 per cent, Bharti Airtel 2.09 per cent, HUL 1.55 per cent, Asian Paints 1.46 per cent and ONGC 1.42 per cent.

Overseas, most Asian markets were trading lower as investors feared the no vote in Italy’s referendum could hurt the country’s banking system and lead to global contagion.

US stocks struggled for direction last Friday with the Dow industrials finishing lower and the S&P 500 and the Nasdaq closing slightly higher as investors digested a weaker-than- expected payroll report.