Sensex trades flat; automobile stocks up

Mumbai, March 10 (IANS) A day after it fell more than 600 points, a benchmark index of Indian equities markets, the 30-scrip BSE Sensitive Index (Sensex), was trading flat in the afternoon session on Tuesday.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading flat in the faternoon trade session. It was down 7.07 points or 0.08 percent at 8,749.70 points.

The S&P Bombay Stock Exchange (BSE) Sensex, which opened at 28,924.06 points, was trading at 28,843.40 points (12.15 p.m.) in the afternoon session, down 1.38 points from the previous day’s close at 28,844.78 points.

The Sensex had touched a high of 28,949.11 points and a low of 28,748.29 points in the trade so far.

Healthy buying was observed in automobile, healthcare, capital goods, consumer durables and metal sectors. However, oil and gas, information technology (IT) and realty stocks came under selling pressure.

The S&P BSE automobile index was up 226.79 points, followed by healthcare index which was higher by 106.44 points, capital goods index rose 84.24 points, consumer durables index increased 80.11 points and metal index rose by 53.60 points.

However, theoil and gas index was down 40.69 points, the IT index was lower by 26.17 points and the realty index fell 19.92 points.

On Monday, the Sensex plunged 604 points or 2.05 percent, as the Indian markets have reacted negatively to the sharp increase in the US non-farm payroll data for January.

The Indian markets were anxious as rapid increases in non-farm payroll data might lead to an increase in inflation.

This can make the US Federal Reserve raise interest rates sooner than previously expected. With higher interest rates, foreign institutional investors will be led away from emerging markets such as India.

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