Markets continue trading flat in noon deals; Bharti Airtel down ahead of Q4

The benchmark indices continued to trade flat on Tuesday as investors booked profits in recent outperformers such as Ambuja Cements and ACC while banks erased gains from the previous session's rally.

Subdued trend seen in Asian markets, as investors searched for the next catalyst following France's presidential election, also capped gains in the domestic market. 

At 1:15 pm, the S&P BSE Sensex was trading at xxxx29,942, up 16 points, while the broader Nifty50 was ruling at 9,317, up 2 points. 

In the broader market, the S&P BSE Smallcap index outperformed to gain 0.7%, while the S&P BSE Midcap index added 0.3%. 

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,426 shares rose and 1,107 shares fell. A total of 132 shares were unchanged.

The Nifty PSU bank index fell as much as 1.84% after rising as much as 1.59% in the previous session. State Bank of India was down 1.4% while Bank of India and Bank of Baroda declined more than 2% each.

Banks gained on Monday after the government tweaked Banking Regulations Act to give more power to the Reserve Bank of India (RBI) to intervene on behalf of banks.

Ambuja Cements fell 1.5% while ACC was down 0.6%. Both stocks had traded in the green in the previous four sessions.

Canara Bank declined as much as 4.4% as it posted a lower-than-expected fourth-quarter profit on Monday, while Union Bank of India also fell 3.8% after missing estimates on March-quarter profit.

Among gainers, Godrej Consumer Products (GCPL) hit a record high of Rs 1,886, up 7% in intra-day trade, after the company reported a strong 212% year-on-year (YoY) jump in its consolidated net profit at Rs 390 crore for the fourth quarter ended March 2017 (Q4FY17). The personal products maker had profit of Rs 125 crore in the same quarter year ago. 

S Chand & Company (S Chand) made its debut on the BSE at Rs 707, a 5.5% premium against its initial public offer (IPO) price of Rs 670 per share. On the National Stock Exchange (NSE), the stock opened at Rs 700, a 4.4% higher against its issue price. 

(With inputs from Reuters)