Equities trade flat, Nifty50 off day's fresh high

Key Indian equity indices traded on a flat-to-negative note during the mid-afternoon session on Tuesday on the back of broadly negative global cues and profit booking in metals, consumer durables and banking stocks.

According to market observers, investors were cautious ahead of the two-day US Federal Reserve meeting slated for later in the evening (India time).

However, healthy buying in automobile and oil and gas stocks pared some losses.

The wider Nifty50 of the National Stock Exchange (NSE) touched a fresh high of 10,178.95 points during intra-day trade. It touched a record intra-day high of 10,171.70 points on Monday.

At 1 p.m., the Nifty50 traded at 10,148.60 points -- marginally lower by 4.50 points or 0.04 per cent.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,522.44 points, traded at 32,416.83 points -- down 6.93 points, or 0.02 per cent, from its previous close at 32,423.76 points.

The Sensex has so far touched a high of 32,524.11 points and a low of 32,358.63 points during intra-day trade.

In contrast, the BSE market breadth was bullish with 1,245 advances and 1,175 declines.

"The benchmark indices turned flat after Nifty50 inched up to its fresh high in early trade on Tuesday as investors remained cautious ahead of the US Federal Reserve's two-day policy meeting beginning later today," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"Shares of select Tata Group companies such as Tata Motors, Tata Chemicals and Tata Global Beverages were in focus and rallied by up to 4 per cent on the BSE in early morning trade after a huge block deals executed on these counters," he added.

On Monday, the Nifty50 closed at a new record high as positive global cues, along with persistent pumping in of funds by domestic investors (DIIs) lifted investors' sentiments.

The Nifty50 touched a record high of 10,171.70 points during intra-day trade and closed at a fresh high of 10,153.10 points.

The Sensex rose by 151.15 points, or 0.47 per cent, to close at 32,423.76 points.

--IANS

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