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Subdued Trade Continues At D-Street; ICICI Bank Dips Over 1%

By Religare

Indian benchmark index Sensex trading little changed with a negative bias during the noon session on Wednesday led by selling pressure mainly in the oil & gas, banking, and auto sector stocks.

Also, caution and short-covering ahead of the December Futures and Options (F&O) contracts" expiry on Thursday, too dampened sentiment on D-Street.

Subdued Trade Continues At D-Street; ICICI Bank Dips Over 1%

At 12:16 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 26079.18, down by 0.3 points or 0 per cent while the NSE Nifty was at 7930.35, up by 1.4 points or 0.02 per cent.

With the year drawing to a close, trading volumes remained thin at domestic bourses, as many investors stay on the sidelines.

Major show spoilers were ICICI Bank Ltd. (Rs. 262.45,-1.04%), Bajaj Auto Ltd. (Rs. 2517.00,-0.56%), Reliance Industries Ltd. (Rs. 1009.95,-0.51%), GAIL (India) Ltd. (Rs. 364.20,-0.49%), Hero MotoCorp Ltd. (Rs. 2724.15,-0.37%), among others.

The top gainers of the BSE Sensex pack were Dr. Reddy's Laboratories Ltd. (Rs. 3162.25,+1.93%), Tata Steel Ltd. (Rs. 258.60,+1.35%), Bharat Heavy Electricals Ltd. (Rs. 170.00,+0.80%), NTPC Ltd. (Rs. 145.55,+0.73%), Wipro Ltd. (Rs. 567.50,+0.70%), among others.

The market breadth, indicating the overall health of the market, was positive. On BSE, out of the total 2626 shares traded, 1421 advanced while 978 shares declined and 227 remained unchanged.

On the global front, most of the Asian markets were trading mixed as traders eyed the new year while an overnight rally at Wall Street lifted financial and technology shares. China"s Shanghai Composite traded in green as China"s Central Bank vowed to maintain reasonable credit growth and keep the Yuan stable, easing concerns over the outlook for the world"s second biggest economy. Hang Seng fell while Japan"s Nikkei 225 advanced as a weaker Yen bolstered the lure for exporter stocks.

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