Indian benchmark indices traded flat with a mild negative bias on Monday, weighed down by losses in IT stocks and concerns over the latest US–Venezuela tensions.
Even as Indian companies showed signs of improving quarterly earnings, market optimism was tempered by caution over the implications of US military action in Venezuela.
As of 9.30 a.m., the Sensex eased 62 points, or 0.07 per cent, to 85,699, while the Nifty gained 9 points, or 0.03 per cent, to 26,319.
Broader market indices performed largely in line with the benchmarks, with the Nifty Midcap 100 remaining unchanged, while the Nifty Smallcap 100 gained 0.36 per cent.
ONGC and SBI were among the major gainers on the Nifty. Among sectoral indices, Nifty IT was the biggest loser, down 1.41 per cent. Meanwhile, Nifty Media, Metal and PSU sectors were the major gainers, rising 0.84 per cent, 0.70 per cent and 0.79 per cent, respectively.
Immediate support for the Nifty lies in the 26,150–26,200 zone, while resistance is placed at the 26,450–26,500 zone, market watchers said.
The market may remain resilient in the short term due to its all-time highs and bullish momentum. Bank Nifty remains strong on the back of robust credit growth, they added, noting that Q3 banking and financial sector results are expected to be impressive.
In Asian markets, China’s Shanghai index gained 1.07 per cent and Shenzhen rose 1.87 per cent. Japan’s Nikkei advanced 2.55 per cent, while Hong Kong’s Hang Seng Index eased 0.12 per cent. South Korea’s Kospi climbed 2.87 per cent.
US markets were mostly in the green in the previous session, even as the Nasdaq slipped 0.03 per cent. The S&P 500 gained 0.19 per cent, while the Dow Jones rose 0.66 per cent.
On January 2, foreign institutional investors (FIIs) bought equities worth Rs 290 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 677 crore.
— IANS
