Mumbai, June 18 (IANS) Indian equity markets traded flat on Thursday in morning trade amid mixed global cues as investors and traders assessed indications that the US Federal Reserve may still raise borrowing costs later this year, despite the benefits of lower oil prices and the Fed’s decision to keep rates unchanged.

Sensex was trading at 77,095.99, down 59 points or 0.08 per cent in early trade, while Nifty was at 24,076.95, down 8.75 points or 0.04 per cent.

Sector-wise, IT stocks remained under pressure, with Nifty IT declining 1.70 per cent. In contrast, Nifty Consumer Durables and Nifty FMCG rose 0.31 per cent each, while Nifty Metal advanced 0.25 per cent and Nifty Chemicals gained 0.21 per cent.

From the Nifty pack, Infosys, HCLTech, Tata Consultancy Services (TCS), Tech Mahindra, Wipro, Bajaj Finance and Bajaj Finserv were the top losers.

Moreover, the US Federal Reserve left interest rates unchanged, while indicating that further rate hikes remain possible this year as inflation continues to stay above its 2 per cent target.

According to market experts, Indian markets will not be unduly influenced by developments on the Fed rate front.

“In the near term, the market will remain resilient, supported by the crash in Brent crude to around $78 levels. The rupee is stable at around the 94.52 level,” they said.

Analysts stated that FII selling has tapered off, as expected, and that FIIs turned buyers yesterday, though in limited quantities. Brent crude prices at around $78 levels and stability in the rupee are big positives from the market perspective. Bank Nifty will remain strong with an upward bias.

Meanwhile, international oil benchmark Brent crude declined 1.64 per cent to $78.24 per barrel, while US West Texas Intermediate (WTI) crude slumped 2 per cent to $75 per barrel.

In Asian markets, indices showed a mixed trend. Japan’s Nikkei traded over 1 per cent higher, while Hong Kong’s Hang Seng was trading around 2 per cent lower. South Korea’s KOSPI was up more than 1 per cent, while Indonesia’s Jakarta Composite and China’s Shanghai Composite declined by up to 1 per cent.

Overnight in the US, Wall Street ended lower, with the S&P 500 decreasing 1.21 per cent and the Nasdaq closing 1.34 per cent down.

–IANS

ag/