Auto, Banking Shares bounced back: Sensex Nifty flat in morning trade. Share market did not go on higher scale as stocks lost early gains to trade. Stocks fell flat in morning session as banking, auto, FMCG and energy shares observed selling notwithstanding strong global cues.
The BSE Sensex was trading down by 36.06 points or 0.11% at 33,776.69 at 9.50 am.
The 30-share index had risen by 148.38 points, or 0.43%, to 33,961.13 in opening trade with all sectoral indices led by realty, power and infrastructure advancing by up to 0.82%.
The broader Nifty also surrendered gains to trade down by 3.95 points or 0.04% at 10,431.60.
SBI dropped the most by over 1% among Sensex scrips. Hindustan Unilever, Kotak Bank and Asian Paints also dropped yup to 1%.
Stocks failed to hold onto gains after positive core industry data. Infra sector grew at the fastest pace in more than a year at 6.8% in November 2017 on the back of robust performance in segments like refinery, steel and cement.
The big gainers that supported the Sensex include ONGC, NTPC, Coal India, Dr Reddy’s, HDFC Bank, IndusInd Bank, and Bharti Airtel, rising by up to 1.87%.
In the auto space, Bajaj Auto, Tata Motors and M&M too were in keen demand largely on the back of encouraging sales data for December and gained up to 1.51%.
Elsewhere in Asia, Hong Kong’s Hang Seng rose 1.58% while Shanghai Composite index up 1.18% in early trade today. Japanese markets remained closed today for an extended new year holiday.