Sensex, Nifty Trade Flat; Adani Ports Top Gainer, Grasim, HCL Tech Weak

The benchmark indices have surrendered their early gains and turned trading flat in early afternoon as gains in Adani Ports, Tata Consumer Products and Asian Paints have been negated by losses on the Grasim, HCL Tech and Reliance Industries counters. At 1:18 pm, the BSE Sensex had shaved off around 300 points from the highs of the day and was trading at 49,185.55, higher by 23.47 points and the NSE Nifty was trading at 14,672.90, up 35.52 points. The broader markets were outperforming their largecap peers, with the BSE Midcap index and BSE Smallcap index gaining around a per cent each.

Meanwhile, the rupee was trading marginally lower at 73.34 after erasing early gains. The domestic currency had opened 6 paise higher at 73.24 against Monday's closing of 73.30.

On the stock-specific front, Adani Ports has soared by more than 9 per cent to top the gainer's list on the BSE. Tata Consumer Products, Asian Paints, JSW Steel and UPL have gained 2.6 per cent to 3.7 per cent on the BSE. And Jindal Steel and Power (JSPL) touched 52-week highs, at Rs 389.25, after the company reported a 37 per cent jump in sales for the March quarter.

On the other hand, Grasim, HCL Tech and Reliance Industries have shed around a per cent each on the BSE.

The BSE market breadth was positive as 1,670 shares were advancing as against 1,084 declines.