Indian Market Trades Lower, Nestle and Infosys Among Top Losers

The Indian stock market was set for an opening session of lower trading on Wednesday. Among the other companies that came up as the biggest losers in morning trade were Nestle (NS:NEST) and Infosys (NS:INFY). The BSE Sensex opened at 81,611.07 after having slipped by 209.05 points or 0.26% in early trade. Meanwhile, the NSE Nifty was trading at 24,999.45 after having slipped by 57.90 points or 0.23%.

Though, the market trend was positive. During the day on the National Stock Exchange (NSE), as many as 687 stocks were trading in the green, while 555 stocks traded in the red.
On the Bombay Stock Exchange (BSE), 61 stocks traded in the green and 52 traded in the red.

Nifty Bank stood at 51,878.45 following a decline by 27.55 points or 0.05 per cent. The Nifty Midcap index was trading at 59,635.05 level after an increase of 41.80 points or 0.07 per cent. The Nifty 100 index slid by 28.90 points or 0.11 per cent to 26,120.20.

Asian Paints (NS:ASPN), HDFC Bank (NS:HDBK), Bajaj Finserv (NS:BJFS) and Power Grid (NS:PGRD) were the top gainers in the Sensex pack. Nestle and Infosys were the top losers.

SBI Life Insurance (NS:SBIL), HDFC Life, BPCL and Asian Paints were the top gainers in the Nifty pack. While Trent (NS:TREN), M&M (NS:MAHM), TCS (NS:TCS) and Kotak Mahindra (NS:KTKM) were the top losers.

Market experts feel that the domestic flows into the market have been sustaining all this while and have been absorbing all the selling by FIIs, hence, the bull run.

"The domestic flows will continue to support the market but elevated valuations will put a cap on the upside. Nifty is likely to consolidate around 25,000 levels. Q2 earnings will be weak except in IT, banking and pockets of autos," they added.

Tokyo, Bangkok and Seoul are trading in the red. Markets in Shanghai, Hong Kong and Jakarta are trading in the green.

US stock market closed in red on the previous trading day.