Indian equities trade flat, profit booking pares gains

Mumbai, Jan 18 (IANS) Broadly positive Asian indices and healthy third-quarter (Q3) results buoyed the Indian equities markets during the mid-afternoon trade session on Wednesday.

However, profit booking, a weakened rupee and caution ahead of US Federal Reserve Chairman Janet Yellen’s speech on monetary policy capped gains and led the key indices to trade on a flat-to-positive note.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 13.50 points or 0.16 per cent, to 8,411.50 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 27,261.76 points, traded at 27,261.31 points (at 2.15 p.m.) — up 25.65 points or 0.09 per cent from the previous close at 27,235.66 points.

The Sensex touched a high of 27,422.67 points and a low of 27,217.65 points during the intra-day trade so far.

The BSE market breadth was tilted in favour of the bulls — with 1,445 advances and 1,184 declines.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the NSE Nifty gave up some of its gains on account of profit booking.

“The Indian rupee lost some momentum as the US dollar gained strength, adding pressure on our market,” Desai said.

“Asian markets held their gains, but the European market traded mixed to negative which influenced our market to gave up its morning gain.”

On Tuesday, profit booking and negative global indices subdued the benchmark indices.

The NSE Nifty fell by 14.80 points or 0.18 per cent, to 8,398 points, while the BSE Sensex was down 52.51 points or 0.19 per cent.