Sensex, Nifty trade flat; Mid cap gains ground

Business

oi-Sunil

By Sunil Fernandes

Published: Wednesday, May 28, 2014, 9:31 [IST]

The Sensex and the Nifty were trading little changed over Tuesday's levels with the Sensex up 52 points, while the Nifty gaining 14 points in trade at 7343 points.

Among the early gainers from the Nifty were Bhel, Larsen and Toubro, Tata Steel and Reliance Industries. Shares in Jet Airways plunged 7 per cent in trade after the company reported a disappointing set of results. Bombay Dyeing, however, rallied after its results beat market expectations.

Nifty stocks that lost ground in early trade were Mahindra and Mahindra, Power Grid, Sesa Sterlite, Tata Motors and Coal India.

Select mid cap stocks continued to find buyers with Bharat Forge, Jubilant Foodworks and Steel Authority among the gainers.

Educomp's shares fell more than 2 per cent after the company's Q4 consolidated net loss stood at Rs 168.2 crore versus loss of Rs 147.9 crore (YoY).

Tech Mahindra gained ground in trade after reports that the software company has inked a multi-million pound IT services deal with insurance premium finance firm Premium Credit in the UK and Ireland.

JSW Steel saw some fall despite the company reporting a healthy set of profits. PSU banking stocks which saw some profit booking on Tuesday, saw buying interest once again. Among the notable winners from the space were Canara Bank, Andhra Bank and Allahabad Bank.

Capital goods and infra stocks continued their run today after a brief pause on Tuesday with notable gainers being Gammon infra, NCC and Hindustan Construction.

Meanwhile, markets across Asia were trading with gains, even as the S&P 500 in the US hit a new record high.

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