Equity market flat amid volatility, weak global cues
Mumbai, July 7, 2021
Amid high volatility, the Indian stock market traded on a flat note on Wednesday morning.
Weak trend in the global markets also weighed on the domestic investor sentiments, analysts said.
Heavy selling pressure was witnessed in oil and gas and power stocks, while realty stocks witnessed high buying activity.
Around 10.25 a.m., the BSE Sensex was trading at 52,911.55, higher by 50.37 points or 0.10 per cent from its previous close of 52,861.18.
It opened at 52,919.71 and has so far touched an intra-day high of 53,006.00 and a low of 52,751.76 points.
The Nifty50 on the National Stock Exchange was trading at 15,824.35, higher by 6.10 points or 0.04 per cent from its previous close.
Manish Hathiramani, technical analyst with Deen Dayal Investments said: "Yesterday the index faced resistance at the 15,900 level and made a swift u-turn. This morning it continues to struggle between the red and the green."
"It is imperative we get past the 15,900 level on a closing basis as that would activate the 16,100 target. The Nifty has a good support at 15,400 and dips can be utilised to accumulate long positions," he said.
The top gainers on the Sensex were HDFC, Bajaj Finserv and Asian Paints, while the major losers were Titan Company, UltraTech Cement and Mahindra & Mahindra.