The benchmark indices have turned flat, with a negative bias, in noon trading after opening at fresh all-time highs due to selling pressure in information technology and banking shares. At 1:30 pm, the BSE Sensex was trading at 53,085.35, lower by 78.73 points or 0.14 per cent and the NSE Nifty was at 15,905.35, down 14.45 points or 0.11 per cent. The broader markets are however outperforming their largecap peers, with the BSE Midcap index and BSE Smallcap index gaining 0.25 per cent each.
On the stock-specific front, information technology stocks are witnessing profit-booking post their recent gains. HCL Tech, Tech Mahindra and Infosys have shed 1-3 per cent each on the BSE. ICICI Bank, IndusInd Bank and Bajaj Finserv are the other significant losers in the Sensex pack.
Among stocks in the news, Wipro edged lower by 0.1 per cent to Rs 574 after the country’s leading software services company reported its best-ever quarterly earnings in the first quarter of the current financial year. Wipro’s net profit rose 9 per cent sequentially to Rs 3,243 crore from Rs 2,972 crore in the previous quarter.
On the other hand, Bharti Airtel, Tata Steel, Reliance Industries and Ultratech have bucked the sluggish trend to register gains of a per cent each on the BSE.
The BSE market breadth is positive. Out of 3,277 stocks traded on the BSE, there are 1,707 advancing stocks as against 1,421 declines.