Sensex and Nifty trade flat as investors remain cautious

Benchmark indices Sensex and Nifty traded flat on Tuesday as investors remained cautious after a recent rally. Weak Asian markets and foreign fund outflows weighed on sentiment, though both indices recovered from early losses to trade marginally higher

Mumbai: Stock market benchmark indices Sensex and Nifty were trading flat in subdued trade on Tuesday, as investors stayed on the sidelines after the recent rally.

Weak trends in Asian markets and fresh foreign fund outflows also led to subdued trading in equities during the early deals.

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The 30-share BSE Sensex declined 57.43 points to 77,061.94 in early trade. The 50-share NSE Nifty dipped 31.6 points to 24,071.30.

However, later, both the benchmark indices were trading marginally higher. The BSE benchmark quoted 29.75 points higher at 77,123.82, while the Nifty traded 20.80 points up at 24,123.65.

Last week, the benchmark indices rallied in four trading sessions out of five. In the previous trading session as well, the benchmarks registered gains.

From the 30-share Sensex pack, Infosys, Tata Consultancy Services, HCL Tech, Tech Mahindra, Tata Steel and Hindustan Unilever were among the laggards.

Sun Pharma, Trent, ICICI Bank, Axis Bank and NTPC were among the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 635.91 crore on Monday, according to exchange data.

In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index traded lower. The Kospi tanked nearly 6 per cent.

Brent crude, the global oil benchmark, traded 0.49 per cent lower at USD 77.53 per barrel.

On Monday, the Sensex climbed 291.17 points, or 0.38 per cent, to settle at 77,094.07. The Nifty surged 89.80 points, or 0.37 per cent, to end at 24,102.90.