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Markets trade flat on profit booking snapping gains of last 2 sessions

Tata Steel gained over 4%, becoming the top gainer on BSE Sensex after Q4 results

Pranati Deva  |  New Delhi 

Image via Shutterstock
Image via Shutterstock

Benchmark indices continued trading flat in the early-morning trade after a splendid performance in yesterday's trade on profit booking and muted global cues amid controversy around US President   Back home, while corporate earnings and GST rate speculations kept the investors on toes, good monsoon prediction capped the losses.

A total of 51 companies will report their earnings today including Hindustan Unilever, JSW Steel, IOB, Allahabad Bank, Bajaj Finserv, Bajaj Finance, MRPL and United Beweries.

At open, the 30-share rose 38 points to notch its new fresh high of 30,620, while the 50-share rose 9 points to reach another fresh high of 9,521. Before this, both the indices had hit their record highs yesterday.
At 11:56 am, the S&P BSE was trading at 30,579, down 4 points, while the broader Nifty50 was ruling at 9,503, down 9 points.
In the broader market, the S&P BSE index and the S&P BSE index were trading flat, up 0.1% and 0.01%, respectively.

"A direct fall below 9470 could be the first indication towards that end, but a collapse is ruled out, atleast until 9,386/9,280 see voluminous penetration and VIX or other indicators signal otherwise," said Geogit Financial Services in a technical note.
Buzzing Stocks

Tata Steel, TCS, ICICI Bank and M&M gained the most on BSE while Dr Reddy's, ITC, L&T and Bhari Airtel lost the most.

gained over 4%, becoming the top gainer on BSE after it reported a stellar set of numbers for the fourth quarter on a standalone basis, which was largely boosted by an outperformance by operating profits. The Tata Group firm narrowed its consolidated net loss to Rs 1,168 crore against a loss of Rs 3,042 crore posted during the same period last year.  

Realty firm Sobha gained 7.38 % after ir reported 70% increase in its consolidated net profit at Rs 47 crore for the quarter ended March. Its net profit stood at Rs 27.6 crore in the year-ago period, the Bengaluru-based firm said in a regulatory filing. 

BHEL gained 1% after the company won Rs 233 crore order for a steam and power generation package from Ramagundam Fertilizers and Chemicals Ltd (RFCL). 
Global Markets
Asian were mostly lower on Wednesday, on muted hangover from amid political and legal turmoil surrounding US President
The Nikkei fell 0.43% as the safe-haven yen strengthened in the wake of renewed political risk while Hong Kong's Hang Seng edged up 0.06% and Shanghai Composite inched down 0.06%.
In South Korea, the Kospi was flat. Australia's S&P/ASX 200 dropped 0.72%.

In the overnight trade, ended mixed after reports President asked then-FBI Director James Comey to end a probe into Trump's former national security advisor. Dow Jones and S&P 500 ended lower while the Nasdaq had another record close with help from technology stocks.