Sensex, Nifty Turn Flat; ONGC, Bajaj Auto Top Gainers, ICICI Weak

Asian markets were mixed in Tuesday morning as investors await the release of a private survey on Chinese manufacturing activity in May

Sensex, Nifty Turn Flat; ONGC, Bajaj Auto Top Gainers, ICICI Weak

ITC has edged higher by 0.3 per cent ahead of March quarter results scheduled later in the day.

The domestic stock markets have given up all their early gains and turned flat in mid-morning trading. At 11:10 am, the BSE Sensex had erased nearly 400 points from the highs of the day and was trading at 51,865.35, lower by 66.90 points or 0.11 per cent and the NSE Nifty was at 15,553.40, down 30.95 points or 0.20 per cent. The broader markets had also surrendered their gains; the BSE Midcap index and BSE Smallcap index and were trading lower by 0.4 per cent each.

Meanwhile, recording its worst ever performance in over four decades, India clocked a negative growth of 7.3 per cent for 2020-21 while the fourth quarter of the fiscal showed a meagre rise of 1.6 per cent.

And the index of eight core industries rose in April 2021. The index of eight core industries stood at 126.7 in April 2021, showing an increase by 56.1 per cent compared to April 2020.

On the currency front, the rupee rose 8 paise to 72.54 against the dollar in early trading amid improved risk appetite and broad weakness of the greenback in overseas market. The domestic unit had opened at 72.57 against the dollar in the interbank foreign exchange.

On the stock-specific front, ONGC, Bajaj Auto, HDFC, Bajaj Finance and SBI are the top gainers among BSE stocks; registering gains of 1.3-2.7 per cent each on the BSE. And ITC has edged higher by 0.3 per cent ahead of its March quarter results scheduled later in the day.

On the other hand, ICICI Bank has lost 1.6 per cent to top the loser's list on the BSE. And metal stocks are trading weak, with Tata Steel, JSW Steel and Hindalco shedding around a per cent each on the BSE.