Nifty trades flat ; Reliance gains on buying support

The Nifty and the Sensex were both trading flat despite strong global cues as the bearish sentiments of the last few days continued a grip on the markets. The Nifty was trading lower by 4 points, while the Sensex was down 2 points in trade,

Among the top gainers in early trade was NTPC which rallied 3 per cent, while ITC and Hero Motor Corp were up 1 per cent.

Software stocks continued to grind higher with Infosys, TCS and HCL Tech among the gainers. Banking stocks which have seen hectic activity in the last few days were down once again with ICICI Bank shedding 1 per cent, while most of the PSU banking stocks were hammered out of shape. Among the notable losers from the space were IDBI Bank, Dena Bank, Oriental Bank and Union Bank

Financial Technologies, which is the owner of NSEL, which has reportedly facing a payment crisis dived 35% again in trade today, after having lost 64 per cent in trade on Thursday.

Wockhardt on the other hand was locked at the lower end of the circuit filter again today. The Stock has declined substantially as investors worried over the company's FDA compliance.

Neyvelli Lignite in which the government proposes to sell a stake today was trading flat at Rs 55 on the National Stock Exchange.

FMCG companies like ITC and Hindustan Unilever were having a quiet day of trade with both the stocks trading flat.

Meanwhile, markets in Asia were trading higher following strong overseas closings in the US.

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