Sensex trades flat; metal stocks down

Mumbai, June 12 (IANS) A benchmark index of the Indian equities markets, the 30-scrip Sensitive Index (Sensex), was trading flat during the mid-afternoon trade session on Friday.

The markets were trading flat — 21 points or 0.08 percent up — ahead of the release on Friday evening of crucial data on the inflation and factory output figures.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading flat during the session under review. It was marginally up by 0.30 points at 7,965.65 points.

The Sensex of the S&P Bombay Stock Exchange (BSE), which opened at 26,340.32 points, was trading at 26,391.66 points (at 1.45 p.m.) in the mid-afternoon session, up 20.68 points or 0.08 percent from the previous day’s close at 26,370.98 points.

The Sensex has touched a high of 26,489.58 points and a low of 26,307.56 points in the intra-day trade so far.

According to the Angel Broking, the Indian markets opened in the red tracking the SGX Nifty.

“Concerns over weak monsoon and delay in the economic recovery, led Indian markets to close in the red (on Thursday). Correction in the stock prices was seen across indices,” the firm said.

The anxiety over inflation and factory output data, scheduled for release on Friday evening, had dented investor sentiments on Thursday and led the Sensex to plunge nearly 470 points.

Not just anxiety over Friday’s inflation and factory output data, but also negative cues from a delayed monsoon, the Greek loan default crises, increasing crude oil prices and sales by FIIs (Foreign Institutional Investors) also impacted the markets.

During the intra-day trade so far, stocks like metal, information technology (IT), consumer durables, capital goods and technology, entertainment and media (TECK) came under intense selling pressure.

The S&P BSE metal index plummet by 152.80 points, followed by the IT index which dwindled by 142.61 points, consumer durables index receded by 140.70 points, capital goods index fell by 65.38 points and TECK index was down by 63.36 points.

However, the S&P BSE banking index gained 101.83 points, oil and gas index was edged-higher by 58.63 points and FMCG index was up by 27.64 points.

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