Markets trade flat in a choppy session; Axis Bank down 2% on results

Broader sentiment remained positive, given hopes for improving profits and accelerating growth

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Benchmark indices extended losses in the afternoon deal after hitting record highs the previous day as investors took a breather and booked profits ahead of April F&O expiry.
 
Global markets also eased as a long-awaited US tax cut plan unveiled by Donald Trump on Wednesday failed to inspire investors. Europe also opened lower as investors waited to hear from European Central Bank President Mario Draghi and digested fresh corporate earnings.
 
Nifty, yesterday hit an all-time high of 9,367 for the second straight session on Wednesday, when the benchmark Sensex too touched a record high of 30,167, surpassing its previous record set in March 2015.
 
At 2:58 pm, the S&P BSE Sensex was trading at 30,109, down 24 points, while the Nifty50 was ruling at 9,360, up 8 points. Both the indices had settled at their record closing highs in the previous session.
 
Still, broader sentiment remained positive, given hopes for improving corporate profits and accelerating economic growth in India. S&P BSE Midcap index and the S&P BSE Smallcap index added 0.3% and 0.1% respectively. 

PowerGrid, Tata Motors, HeroMoto Corp, Infosys and GAIL gained the most on BSE Sensex while Axis Bank, Tata Steel, ITC, Lupin and M&M shed the most on the index.
 
Shares of Adani Enterprises witnessed 13% surge after it was out of the F&O ban.
 
ITC fell as much as 1.8% after a three-day winning streak and was among the biggest losers on the NSE index.
 
Financial stocks fell, led by the country's third-biggest private sector lender by assets, Axis Bank . It fell as much as 2.7% after reporting a 43% drop in fourth-quarter profit on Wednesday.
 
The initial public offer of text book publisher S Chand and Company was subscribed 52 percent on the first day of bidding Wednesday.
 
The IPO received bids for 39,80,174 shares against the total issue size of 76,85,284 shares, as per NSE data.