Indian equities trade flat, IT, teck stocks slip

Mumbai, Aug 7 (IANS) Despite positive global cues, the Indian equity markets gave up their morning gains to trade on a flat note during the mid-afternoon session on Monday as investors booked profits.

Selling pressure was observed in IT, teck (technology, media and entertainment) and consumer durables stocks.

At 1 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded fractionally higher by 4.05 points or 0.04 per cent at 10,070.45 points.

On the other hand, the 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,377.80 points, traded at 32,310.54 points -- down 14.87 points, or 0.05 per cent -- from its previous close at 32,325.41 points.

The Sensex has so far touched a high of 32,396.14 points and a low of 32,295.78 points during intra-day trade.

The BSE market breadth was bullish with 1,464 advances and 947 declines.

"The benchmark BSE Sensex edged higher on opening trade but gave up some of the early gains. Barring IT and technology, all the sectoral indices, led by metal, realty, bank and auto, were trading in the positive terrain with gains up to 1.03 per cent," said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

"Brokers said sentiments remained positive on the back of persistent capital inflows by foreign funds and widening of positions by retail investors. Also, a firm trend in other Asian markets after strong US job numbers provided relief to investors," he added.

On Friday, the benchmark indices closed in the green as broadly positive European markets and a surge in buying activities in consumer durables, oil and gas, and metal stocks lifted investors' sentiments.

The Nifty50 closed higher by 52.75 points or 0.53 per cent at 10,066.40 points, while the Sensex closed at 32,325.41 points -- up 87.53 points, or 0.27 per cent.