Equities trade flat; IT, FMCG stocks face selling pressure

Following broadly mixed global indices, the Indian equity markets traded on a flat note during the mid-afternoon session on Wednesday.

Market observers opined that investors booked profits in IT, FMCG and Teck (technology, media and entertainment) sectors.

Around 12.55 p.m., the wider Nifty of the National Stock Exchange (NSE) inched up by 8.45 points or 0.09 per cent to 9,621.75 points.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,272.72 points, traded at 31,213.13 points -- up 3.34 points, or 0.01 per cent, from its previous close at 31,209.79 points.

It has so far touched a high of 31,284.64 points and a low of 31,189.90 points.

However, the BSE market breadth was slightly bullish -- with 1,527 advances and 938 declines.

"Equity benchmarks opened moderately higher after mixed Asian markets. The mid-cap and small-cap indices traded in the positive with more than 0.50 per cent gains," said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

"Auto, capital goods, metal and oil and gas traded in the positive, while FMCG and IT sectors traded negative."

On Tuesday, geo-political tensions and subdued global indices pulled the equity indices lower.

The Sensex closed at 31,209.79 points -- down 11.83 points, or 0.04 per cent, and the Nifty slipped by 1.70 points or 0.02 per cent to end the day's trade at 9,613.30 points.

--IANS

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