Mumbai, Dec 17 (IANS) Indian equity benchmark indices traded on a flat note in early deals on Wednesday, as mixed trends in banking stocks kept investors cautious.

The Sensex opened 176 points higher at 84,856 but soon gave up its early gains and slipped into the red, touching a low of 84,649.

At around 9:25 AM, the index was trading 134 points higher, or 0.2 per cent up, at 84,820. The Nifty was also marginally higher, trading at 25,913, up 53 points or 0.2 per cent.

Commenting on Nifty’s technical outlook, analysts said that the immediate support is placed around 25,700, and a breakdown below this level could lead to further consolidation toward 25,600–25,550.

“On the upside, resistance is seen at 26,000–26,050, which remains a crucial hurdle,” market watchers added.

Banking and financial stocks showed a mixed trend. Shares of SBI, Bajaj Finance, Eternal and Axis Bank were among the top gainers on the Sensex, rising around 1 per cent each.

On the other hand, ICICI Bank and HDFC Bank were among the notable laggards, weighing on the market’s upside.

In the broader market, performance remained muted. The BSE MidCap index was slightly higher by 0.1 per cent, while the SmallCap index slipped 0.1 per cent.

Meanwhile, the Indian rupee opened at 91.07 against the US dollar.

Asian markets traded with mild gains, recovering from recent losses. Japan’s Nikkei, Hong Kong’s Hang Seng and China’s Shanghai Composite were up between 0.2 and 0.4 per cent during mid-day trade, while South Korea’s KOSPI and Taiwan’s benchmark index gained around 0.7 per cent each.

Overnight in the US, Wall Street indices ended on a mixed note. The S&P 500 fell for the third straight session, closing 0.24 per cent lower as investors reacted to the delayed release of the November jobs report.

The Nasdaq Composite edged up 0.23 per cent, while the Dow Jones Industrial Average declined 0.62 per cent.

On the institutional front, foreign institutional investors remained net sellers in the Indian market. FIIs sold shares worth Rs 2,060.76 crore on Tuesday, while domestic institutional investors provided some support by buying shares worth Rs 770.76 crore.

–IANS

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