Markets trade flat ahead of key macro data release

Mumbai, Nov 30 (IANS) Indian equity markets were trading flat during the mid-afternoon trade session on Monday, as investors were anxious ahead of the release of key macro economic data and negative Chinese financial cues.

Initially, both the bellwether indices of the Indian equity markets opened on a firm note supported by hopes that the Goods and Services Tax (GST) bill will get passed during the winter session of parliament.

However, concerns over the weak Asian markets given the major fall in Chinese exchanges on Friday, as some large brokerage firms disclosed regulatory probes and a decline in country’s industrial profits spooked investors here.

Furthermore, there were concerns ahead of the release of the upcoming macro economic data like India’s Jul-Sept GDP (gross domestic product) and eight core industries (ECI) numbers both of which are expected to be release later in the evening.

The barometer 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was trading flat with marginal gains of 5.28 points or 0.02 percent.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) was flat during the mid-afternoon session. It was lower by 3.15 points or 0.04 percent at 7,939.55 points.

The S&P BSE Sensex, which opened at 26,142.53 points, was trading at 26,133.48 points (at 1.45 p.m.) — 5.28 points or 0.02 percent up from the previous day’s close at 26,128.20 points.

The Sensex so far has touched a high of 26,231.06 points and a low of 26,089.13 points during the intra-day trade.

Market observers elaborated that the investors were docked away ahead of the upcoming release of macro data like India’s Jul-Sept GDP and ECI numbers and Tuesday’s Reserve Bank of India’s (RBI) monetary policy review.

“Markets are lackluster ahead of the release of GDP and ECI data. There is also caution over Tuesday’s RBI monetary policy review and the commentary that the central bank gives in the backdrop of imminent US rate hike,” Anand James, co-head, technical research desk with Geojit BNP Paribas Financial Services, told IANS.

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