Markets Reverse Direction In Noon Trading; Sensex Hovers At 49,300

The benchmark BSE Sensex and NSE Nifty indices slipped into negative territory in noon trading due to weakness in information technology stocks ahead of Infosys quarterly numbers

Markets Reverse Direction In Noon Trading; Sensex Hovers At 49,300

At 12:00 pm, the BSE Sensex was trading lower by 0.11 per cent and NSE Nifty was down six points

The benchmark BSE Sensex and NSE Nifty indices slipped into negative territory in noon trading, after touching fresh life-time highs earlier in the day due to emergence of mild profit-booking post the runaway rally witnessed in the past 12 trading sessions. At 2:30 pm, the BSE Sensex was at 49,377.50, lower by 130 points or 0.26 per cent and the NSE Nifty was at 14,531.20, down 30 or 0.21 points.

Continuing with the momentum witnessed in the past 12 trading sessions, the Sensex had opened the day at 49,7653.93 and touched an intra-day high of 49,697.18, just around 300 points shy of the 50,000 mark. However, the markets were unable to sustain the gains as weakness in information technology stocks negated the gains in the auto and energy space.

Meanwhile, the rupee had opened higher by 8 paise at 73.17 per dollar versus Tuesday's close of 73.25, amid buying seen in the equity market.

Infosys, Wipro and CESC will be among the major companies to announce their numbers during the day.

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HDFC, Bajaj Finance, UPL and Bajaj Finserv lost 1.8-2.8 per cent each to top the loser's list on the BSE. On the other hand, M&M, SBI and IOC bucked  the weak trend on the BSE, with gains of 3-6.7 per cent each.

Among the earnings candidates for the day, Infosys had gained 0.8 per cent at Rs 1,383.80 and Wipro was trading flat, with a positive bias, at Rs 457.90 on the BSE ahead of December quarter numbers scheduled to be announced later in the day.

The BSE market breadth turned weak. Out of 3003 stocks traded on the BSE, there were 1,212 advancing stocks as against 1651 declines.