Benchmark indices were trading flat on Wednesday on the back of disappointing inflation and industrial output data.
The BSE benchmark, the Sensex was trading 83.55 points or 0.32% higher at 25,964.32 points, while the NSE’s Nifty was trading 25.55 points or 0.33% higher at 7,752.60 points at 10.30 am IST. On Tuesday, data from Ministry of Statistics showed that the retail inflation in July grew at 7.96% against 7.46% in previous month. Meanwhile, the Index of Industrial Production (IIP) for June grew at 3.4% against 5% in May.
Experts say markets continue to consolidate in a broad range. “The Nifty continues to consolidate within a range of 7500 – 7800 with positive bias Resistance is at 7800. Support is at 7600 and below that 7500,” Standard Chartered Securities said in a note.
Among sectoral indices, the BSE FMCG (1.41%), BSE Healthcare (1.17%) and BSE IT (1.15%) were among the major gainers. Among individual stocks, HUL (2.14%), ITC (1.66%) and Sun Pharma (1.54%) were the major gainers.
Asian markets were showing a mixed trend. The Nikkei (0.19%), Kospi (0.64%), Taiwan Taiex (0.6%) and Jakarta Composite (0.1%) were trading in the green. Meanwhile, Shanghai Composite (-0.65%), Hang Seng (-0.23%) and Straits Times (-0.26%) were trading in the red.
fe Bureau | The Financial Express