Sensex, Nifty open flat on weak global cues; Zee Entertainment surges 10%

Benchmark equity indices kicked off Thursday’s session on a flat note following subdued global cues and rise in crude oil prices. The benchmark BSE Sensex was up around 17 points, or 0.04 per cent, at 40,668 in the early trade, while the NSE Nifty index was down 4 points, or 0.04 per cent, at 11,995.

With a rally of over 10 per cent, Zee Entertainment emerged as the biggest gainer in the Nifty 50 pack. The scrip hogged limelight after reports said 14.52 crore shares of the company changed hands in a block deal on the National Stock Exchange (NSE).

Larsen & Toubro, IndusInd Bank, HCL Technologies and Adani Ports were also up between 0.80 per cent and 1.50 per cent. On the other hand, Bharti Infratel, Bharti Airtel, BPCL, Cipla and Britannia were down over 0.80 per cent.

Among the sectoral indices on BSE, the BSE Telecom index was down 2 per cent. It was followed by Metal (down 0.58 per cent), Realty (down 0.48 per cent), Consumer Durables (down 0.29 per cent), Oil & Gas (down 0.28 per cent) and Power (down 0.20 per cent).

On the other hand, Capital Goods, IT and TECH on the exchange were up between 0.15 per cent and 0.70 per cent.

Data available with NSE suggested that Net-net, foreign portfolio investors (FPIs) were buyers in the capital market to the tune of Rs 566.52 crore on Wednesday. DIIs were also net buyers to the tune of Rs 183.41 crore, data suggests.

Rajesh Palviya, head-technical and derivatives at Axis Securities said, “The chart pattern suggests that if Nifty crosses and sustains above 12,010 levels it would witness buying which would lead the index towards 12,040-12,100 levels. However, if index breaks below 11,980 levels it would witness selling which would take the index towards 11,950-11,930.”

Crude oil prices surged more than 2 per cent on Wednesday after a better-than-expected US crude inventories report and as Russia said it would continue its cooperation with OPEC to keep the global oil market balanced.

The US markets ended lower on Wednesday amid reports that so-called phase one trade deal between China and the US may not be completed by the end of 2019. Other Asian peers were also trading in the red as a fresh row between Washington and Beijing over US bills on Hong Kong could complicate their trade negotiation and delay phase one deal that investors had initially hoped to be inked by now.

The Dow Jones index declined 112.93 points, or 0.40 per cent, to 27,821.09. The S&P500 index inched lower by 11.72 points, or 0.38 per cent, to 3108.46. The Nasdaq Composite index slipped 43.93 points, or 0.51 per cent, to 8,526.