Equity benchmarks as well as broader markets erased gains due to consistent selling pressure in technology stocks. However, banking & financials and oil stocks continued to support the market.
The 30-share BSE Sensex was up 25.08 points at 26903.32 and the 50-share NSE Nifty gained 3.20 points at 8277.
Infosys and TCS were the biggest losers among Sensex 30 stocks, down 2.6 percent each on US immigration bill overhang. The bill has been re-introduced in the US Congress by two Republicans, which seek to raise the minimum wage on H1B to USD 100,000 against USD 60,000 currently.
Wockhardt surged nearly 7 percent as German regulator issued European Union good manufacturing practices certificate to company’s Ankleshwar API unit in Gujarat.
In brokerage reaction, Yes Bank gained more than 2 percent as Motilal Oswal expects the outperpformance to continue even in CY17, with its return on equities best placed among peers at over 20 percent.
Sensex erases gains, Midcap outperforms; ICICI, HDFC, ITC gain : -
Equity benchmarks erased gains in morning trade. The Sensex was up 35.21 points at 26913.45 and the Nifty down 2.65 points at 8271.15.
About 1193 shares advanced against 948 declining shares on the BSE.
The BSE Midcap index gained 0.6 percent and Smallcap rose 0.4 percent on positive breadth. About two shares advanced for every share falling on the exchange.
ICICI Bank, HDFC, ITC, ONGC, HDFC Bank, SBI and Reliance Industries were leading gainers today, up 0.5-2.5 percent while technology stocks remained under pressure for the second consecutive session.
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