Stock market today: Sensex, Nifty open flat as IT drop offsets US trade optimism
INDIA-STOCKS:India equity benchmarks flat as IT drop offsets US trade optimism
India's stock market opened little changed today, as a drop in IT stocks offset gains amid hopes of a progress in trade talks with the United States.
At 9:56 am, the 30-share BSE Sensex was trading 0.04% higher at 81,459.49 points, even as the broader NSE Nifty 50 was up 0.02% at 24,977.60. Thirteen of the 16 major sectors logged gains. The broader small-caps and mid-caps traded flat.
The Nifty 50 has gained 1.6% over the past six sessions, driven by multiple factors, including GST reforms, expectations of an interest rate cut by the US Federal Reserve rate cut and improving sentiment around India-US trade negotiations.
“The Nifty 50 has extended its winning streak but showed signs of fatigue near the 25,000 mark,” Ponmudi R, chief executive officer at Enrich Money, told Reuters.
IT index fell 0.4%, with Infosys Ltd. dropping 1% ahead of a board meeting to consider a proposal for a share buyback. Shares of India's second-largest IT firm have risen 7% in the two days since the announcement.
