Sensex trades flat amid volatility

Mumbai, Aug 13 (IANS) Indian frontline indices saw a muted opening on Tuesday due to volatility in the market.

At 9.50 a.m., Sensex was at 79,600, down 48 points or 0.06 per cent and Nifty was down 9 points or 0.04 per cent at 24,337.

The market trend seems positive. On the National Stock Exchange (NSE), 1162 shares are in green and 910 shares in red.

A buying trend is seen in midcap and smallcap shares compared to largecap shares. Nifty midcap 100 index is at 57,592, up 235 points or 0.41 per cent, and Nifty smallcap 100 index is at 18,484, up 63 points or 0.35 per cent.Market experts say, "Market’s dismissal of the Hindenburg report as inconsequential is significant. This further reinforces investors’ confidence in the success of the buy-on-dips strategy which has been one of the main driving forces of this bull run."

In the Sensex pack, Bharti Airtel, Sun Pharma, ICICI Bank, TCS, Axis Bank, L&T, Kotak Mahindra Bank, Maruti Suzuki, NTPC and Nestle India are the top gainers. HDFC Bank, Tata Motors, Asian Paints, Bajaj Finance, HUL, Bajaj Finserv and Titan are the top losers.

Vaishali Parekh, Vice President-Technical Research at Prabhudas Lilladher said, "Nifty has been holding with a range bound movement for the last 3-4 sessions, hovering near the 24,300-24,400 zone failing to give a close above the 24,400 levels which is important to establish conviction and thereafter anticipate for further rise for next target of 24,700 levels."

Asian markets are trading with mixed sentiments. The markets of Tokyo, Hong Kong and Jakarta are bullish. The markets of Bangkok and Shanghai are in the red. The US markets closed mixed on Monday.The foreign institutional investors (FIIs) sold equities worth Rs 4,680 crore on August 12, while domestic institutional investors bought equities worth Rs 4,477 crore on the same day.