Reliance, Axis Bank, ICICI Bank were among main contributors to the losses in Sensex.The domestic stock market opened on a flat note on Thursday after investors turned cautious ahead of August futures and options expiry today amid mixed cues from other Asian markets.
At 10:26 am, the SP BSE Sensex dropped 41.31points or 0.11 per cent to trade at 38,681.62.
The broader Nifty50 fell 22.15 points or 0.19per cent to trade at 11,669.75, at the same time.
Asian stocks surrendered earlier gains and dipped today, with Chinese markets fixed firmly on risks from the Sino-UStrade war and taking little comfort from an apparent easing in business tensions in North America and Europe.According to analysts, the rupee hitting a new record low of 70.82 against the US dollar and surging global crude oil prices too dampened trading sentiments today.Main losers on Sensex pack in the morning session were ICICI Bank (-0.48%), Kotak Bank (-0.59%), Axis Bank (-0.74%), Reliance (-0.81%), YES Bank (-0.89%) and SBIN (-0.95%).
Reliance, Axis Bank, ICICI Bank were among main contributors to the losses in Sensex.Main laggards on Nifty pack were Hindustan Petroleum (-2.33%), IOC (-1.50%), Axis Bank (-1.27%), Tech Mahindra (-1.03%) and Reliance (-0.97%)."We may see the further escalation in the Nifty chart towards intermediate trend line.
The first line of defense is placed near 10600.
Structural strength is still intact on the benchmark indices.
Ahead of the expiry, volatility may prevail into the market.
As it oscillating in the tight range of 27,700 on the south and 28,400 on the north", said Dyaneshwar Padwal, AVP Technical Analyst.
KIFS Trade Capital.Globally, oil prices inched up on Thursday, extending solid gains from the previous session on a fall in US crude inventories and expected disruptions to supply from Iran and Venezuela.Domestic institutional investors (DIIs) bought shares worth a net of Rs 1,114.36 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 1,415.87 crore on Wednesday, provisional data showed.
On the other hand, major gainers in the 30-share Sensex pack in the session were Power Grid (+0.96%), NTPC (+0.75%), ITC (+0.74%), Bharti Airtel (+0.73%), Sun Pharma (+0.70%) and Wipro (+0.69%).
UPL (+2%), Power Grid (+1.37%), ITC (+1.26%), Bharti Airtel (+1.13%), Sun Pharma (+0.93%) led the pack of Nifty gainers.On Wednesday, domestic markets closed on a negative note.
BSE benchmark index Sensex closed at 38,722.93, while the broader NSE Nifty50 settled at 11,691.90.
(With agencies inputs)