Mumbai: Cutting down early losses, the benchmark Sensex recovered slightly, but remained in the negative zone, while the Nifty traded flat as profit-booking took hold. Earlier, the key indices had lost nearly 141 points, tracking a weak Asian market as a rally in crude oil halted after a sharp rise in US crude stock. The trading was range-bound despite the choppiness.
However, investors took comfort from Moody's statement that Indian economy will grow at 7.5 per cent and is less exposed to external headwinds. There was some selling pressure in energy, FMCG, healthcare and metal segments while broader mid-cap and small-cap held up.
The 30-share index was trading lower at 23,633 at 1200 hours, loss of 16.22 points, or 0.07 per cent, over its previous close. The NSE Nifty stayed flat, down 5.45 points, or 0.08 per cent, at 7,186.30 at 1200 hours. Maruti lost big as it fell 2.01 per cent, followed by HDFC, Axis Bank and Adani Ports. SBI rose 2.66 per cent, along with M&M, ICICI Bank and NTPC.
Meanwhile, foreign portfolio investors net bought shares worth Rs 418.64 crore yesterday. Overseas, Japanese stocks led the decline in Asian markets. In Japan, the Nikkei Stock Average was down 2.23 per cent. US stocks closed lower yesterday as investors eyed oil prices and corporate news.
