Sensex, Nifty Muted In Noon Trading; Tech Mahindra, M&M Top Gainers

Tech Mahindra, M&M, Tata Steel, HCL Tech and Reliance Industries have gained 1-3 per cent each

The benchmark indices are subdued on Wednesday afternoon amid choppy trading, a day after soaring around a per cent, on the back of mixed Asian cues. Asian markets are trading mixed as concerns surrounding China’s Evergrande Group continue to weigh down on investor sentiment. At 12:25 pm, the BSE Sensex was trading at 59,069.01, higher by 63 points or 0.1 per cent and the NSE Nifty was at 17,582, up 22 points or 0.1 per cent. Select information technology stocks are trading strong, while financials are seeing selling pressure.

The broader markets are outperforming their largecap counterparts, with the BSE Midcap index and BS Smallcap index racing ahead by 1 per cent each.

In the currency market, the rupee depreciated 11 paise to 73.72 against the US dollar, tracking a strong greenback in the overseas market. At the interbank foreign exchange, the rupee opened at 73.70 against the dollar, then fell further to 73.72, registering a decline of 11 paise from the last close.

On the stock-specific front, Tech Mahindra has soared by 3.7 per cent to top the gainers list on the BSE. M&M, Tata Steel, HCL Tech and Reliance Industries are the other significant gainers in the BSE pack.

On the other hand, HDFC, Hindustan Unilever, HDFC Bank and ICICI Bank have shed 1-2 per cent each on the BSE.

Among stocks in the news, Mphasis rose 3.2 per cent to hit record high of Rs 3,301 on the BSE on acquiring the US-based Blink UX, a user experience research, strategy, and design firm.

And Zee Entertainment shares rallied as much as 24 per cent to hit a fresh 52-week high of Rs 317 on the BSE after the board gave its approval to a merger with Sony Pictures Networks India (SPNI).

The BSE market breadth is strong. Out of 3205 stocks traded on the BSE, there are 2032 advancing stocks as against 1104 declines.

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