Stock market sheds early gains; Sensex trading down at 61,121, Nifty below 18,200

Mumbai: Equity benchmark Sensex which climbed over 170 points in early trade on Wednesday gave up early gains and were trading flat. Nifty too was trading flat amid volatility.

The Indian stock market erased some of the early losses to open marginally higher on Wednesday, tracking gains in index heavyweights – Infosys, HCL Tech and L&T amid a mixed trend in global markets.

Besides, a strong rupee against the US dollar and continued foreign capital inflows also supported the domestic markets, traders said.

At 11:09 am, the 30-share BSE index was down 63.99 points or 0.10 per cent to trade at 61,121.16. Similarly, the broader Nifty was trading at 18,184.75, down 18.05 point.

During the early trade hours today, Dr Reddy’s was the top gainer in the Sensex pack, rising 1.53 per cent, followed by Nestle India, HCL Tech, Infosys, IndusInd Bank, L&T and ITC.

On the other hand, Tech Mahindra, HDFC twins, Bajaj Finance, HUL and PowerGrid were the losers.

Domestic equity markets were closed on Tuesday on account of Gurunanak Jayanti.

In the previous session on Monday, Sensex ended 234.79 points or 0.39 per cent higher at 61,185.15. The NSE Nifty rose by 85.65 points or 0.47 per cent to end at 18,202.80 points.

The rupee gained 42 paise to 81.50 against the US dollar in early trade on Wednesday.

Foreign institutional investors (FIIs) remained net buyers in the Indian capital market on Monday, as they bought shares worth Rs 1,948.51 crore, as per exchange data.

International oil benchmark Brent crude was trading 0.14 per cent lower at USD 95.23 per barrel.

In Asian markets, bourses in Tokyo, Shanghai, and Hong Kong were in the red, while Seoul was trading with gains.

Equities on Wall Street ended significantly higher in the previous session on Tuesday.

With inputs from PTI

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