Sensex sheds initial gains to trade flat

The Nifty50 on the National Stock Exchange was trading at 15,781.00, lower by just 9.45 points or 0.06 per cent from its previous close.

Mumbai: The Indian stock market shed its initial gains on Friday morning to trade on flat-to-negative note.

Healthy buying was witnessed in metal and auto stocks. However, oil and gas stocks were under heavy selling pressure.

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Around 10.06 a.m., Sensex was trading at 52,635.33, lower by 63.67 points or 0.12 per cent from its previous close of 52,699.00 points.

It had opened at 52,877.16 and has so far touched an intra-day high of 52,899.47 and a low of 52,614.95.

The Nifty50 on the National Stock Exchange was trading at 15,781.00, lower by just 9.45 points or 0.06 per cent from its previous close.

Manish Hathiramani, technical analyst with Deen Dayal Investments said: “The Nifty has been showing signs of exhaustion since a couple of days. As of now the bias remains on the upside and the index can still achieve 16,100 as a potential target. A strong support lies at 15,400 and until that does not break, any corrective wave can be utilized to accumulate long positions.”

Among the stocks, the top gainers on the Sensex were Tata Steel, Tech Mahindra and ICICI Bank, while the major losers were Reliance Industries, Hindustan Unilever and Asian Paints.