Mumbai: The domestic benchmark indices opened flat on Wednesday as selling was seen in the auto, IT, PSU bank, financial service, FMCG, metal, realty and media sectors.

At around 9.28 am, Sensex was trading at 78,014.77 after dropping 184.34 points or 0.24 percent, while Nifty was trading at 23,662.2 after declining 45.70 points or 0.19 percent.

On the National Stock Exchange (NSE), 749 stocks were trading in green, while 826 stocks were in red.

Nifty Bank was down 117.25 points or 0.23 per cent at 50,084.90. Nifty Midcap 100 index was trading at 56,405.35 after dropping 463.95 points or 0.82 per cent. Nifty Smallcap 100 index was at 18,568.10 after declining 105.35 points or 0.56 percent.

According to market experts, the trend of strong US macros weakening emerging markets is continuing. The US 10-year bond yield has spiked to 4.67 percent on better-than-expected job numbers and indications of the services sector’s good health.

This means the Fed may hold rates in January, leading to further strengthening of the dollar and rising bond yields.

“The fall out of this on the Indian macros is that the RBI may hold rates in February against the market expectation of a cut. In this macro setting, FIIs are likely to continue selling, putting pressure on the market,” they added.

Meanwhile, in the Sensex pack, Zomato, Tech Mahindra, Tata Motors, Infosys, IndusInd Bank, HCL Tech and HDFC Bank were the top losers. Maruti, Sun Pharma, Nestle India, L&T, PowerGrid, ITC, M&M, Axis Bank and Kotak Mahindra Bank were the top gainers.

In the last trading session, the Dow Jones declined 0.42 percent to close at 42,528.36. The S&P 500 declined 1.11 percent to 5,909, and the Nasdaq declined 1.89 percent to close at 19,489.68.

In the Asian markets, Jakarta and Seoul traded in green, while Hong Kong, China, Bangkok, and Japan traded in red.

Foreign institutional investors (FIIs) sold equities worth Rs 1,491.46 crore on January 7 and domestic institutional investors bought equities worth Rs 1,615.28 crore on the same day.

 

 

 

 

 

 

 

 

–IANS