Mumbai, India (BBN)-The Sensex and Nifty were trading flat amid positive global cues.
At 10:20am, the 30-share BSE index Sensex was up 36.27 points or 0.14 per cent at 26,689.08 and the 50-share NSE index Nifty was up 1.6 points or 0.02 per cent at 8,226.10, reports The Hindu Business Line.
It was a mixed bag for sectoral indices. Volatility was high and the volatility index India Vix was quoting at 16.0675 down 4.64 per cent.
Among BSE sectoral indices, infrastructure index gained the most by 0.77 per cent, healthcare 0.61 per cent, FMCG 0.23 per cent and consumer durables 0.17 per cent. On the other hand, IT index was down 0.34 per cent, TECk 0.32 per cent, metal 0.24 per cent and realty 0.21 per cent.
Top five Sensex gainers were GAIL (+3.33%), ONGC (+2.56%), Reliance (+1.54%), Lupin (+0.85%) and HDFC (+0.7%), while the major losers were Asian Paints (-2.64%), Power Grid (-1.35%), Tata Motors (-1.24%), Bharti Airtel (-0.85%) and Adani Ports (-0.7%).
A report by East India Securities said: “Global markets rallied led by a sharp jump in oil prices after OPEC announced ~4.5% production cut. This is likely to stabilise oil prices. Demand could also spike driven by fiscal stimulus by US. Asian markets are trading up helped by the support for risk assets as equities and commodities do well. Many investors are turning bullish on emerging market equities given the commodity exposure. The view is that equity returns would surpass currency depreciation, if any, hence EM equities are better bet than EM debt. We remain positive on the markets.”