New Delhi: Markets gave up its early gains and slipped to negative in the afternoon session on Wednesday despite the better than expected inflation data. The benchmark indices are now indicative of another volatile session after yesterday.
Inflation for the week ended 7 February fell to 3.92% against 4.39% of the previous week. Auto, power, realty and metal stocks are still trading higher but significant selling pressure is witnessed among the FMCG, oil and gas, capital goods and banking stocks.
Weak Asian markets also added to the sentiments today. The BSE Sensex opened the 0.2% up as banking stocks snapped from their three-day downfall on hopes of rate cuts. At 12:34pm, 30-share BSE Sensex was at 8,998.01 down by 17.17 points and the NSE Nifty was at 2,772.02 down by 4.10 points.
Wipro, Grasim Industries, Housing Development and Finance Corp., Mahindra and Mahindra, Maruti Suzuki and NTPC Ltd are leading the rally.
But there are some declining like Hindustan Unilever Ltd, Larsen and Toubro, ICICI Bank Ltd, Hindalco and Bhel.
Meanwhile, Asian markets are trading mixed with Nikkei up by 0.72% and but the Hang Seng is down by 0.67%.