Sensex, Nifty start on a cautious note on mixed global cues

Benchmark equity indices started on a cautious note, staging a moderate recovery in early trade Wednesday, following tepid sentiment in other Asian markets. A stronger rupee against the dollar and easing crude prices also influenced market sentiment. The 30-share Sensex was trading 13.51 points, or 0.04 per cent, lower at 36,431.13, after rising to 36,521.47 at the outset. The gauge had lost 134.32 points in the previous session.

The NSE Nifty was trading flat at 10,922.65 after moving between 10,942.55 and 10,914.60.

Sectorwise, the BSE metal, oil & gas, FMCG, PSU, healthcare and banking indices rose up to 1.05 per cent.

Major gainers were Yes Bank, Tata Steel, HUL, Vedanta, SBI, Maruti Suzuki, Bajaj Fiannce, ITC, Bharti Airtel, RIL, ICICI Bank, ONGC, NTPC, PowerGrid, Axis Bank and Asian Paint, rising up to 2.03 per cent.

However, Infosys, Kotak Bank, TCS, HDFC, Hero MotoCorp, IndusInd Bank and Coal India fell up to 0.84 per cent.

Brokers said recovery in other Asian markets after initial weakness, following overnight losses on Wall Street, influenced sentiments.

“As we inch closer to the interim budget, one can expect the volatility in the market to increase,” said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas.

Meanwhile, foreign portfolio investors (FPIs) continued their selling activity on domestic bourses here. They sold shares worth a net Rs 78.53 crore, while domestic institutional investors (DIIs) sold shares worth Rs 84.15 crore Tuesday, provisional data showed.

Globally, Hong Kong’s Hang Seng was up 0.14 per cent and Shanghai Composite Index rose 0.07 per cent in late morning deals. Japan’s Nikkei also gained 0.04 per cent.

The US Dow Jones Industrial Average ended 1.22 per cent lower Tuesday.