Sensex, Nifty flat on weak global cues

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The Sensex and the Nifty which rallied in the first 10 minutes of trade as retail inflation came in at a historic low raising hopes of an interest rate cut in the future, fell as global cues continued to remain weak.

The Sensex lost 5 points, while the Nifty fell 3 points in trade. Shares in Reliance Industries rallied a huge one per cent as results of the company came in better than expected. On the other hand DLF fell a huge 18 per cent after its promoters were barred from accessing the capital markets.

Sensex, Nifty flat on weak global cues
Other stocks that lost ground from the Nifty were metal stocks including Jindal Steel and NMDC. Stocks that gained ground from the Nifty were banking stocks after retail inflation came in lower than expected, raising hopes of an interest rate cut. Stocks that gained ground were IndusInd Bank, Oriental Bank of Commerce, Union Bank and Syndicate Bank.

Midcap stocks were also trading flat in line with the broad markets. However, Petronet LNG, Unitech and IFCI remained weak.

Meanwhile, most of Asia was trading with gains after better than expected Chinese data lifted sentiments. The Hong Kong's Hang Sang and the Chinese Shanghai Composite rallied in trade.

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