Indian Share Market Remains Flat, Sensex Stays Above 81,500

The Indian stock market maintained the flattish opening trend this week after selling was witnessed in the financial service and private bank sectors of Nifty in the early trade on Wednesday.

After gaining 5.01 points or 0.01 per cent, the Sensex was trading at 81,515.06 at around 9:27 am, while Nifty was trading at 24,623.8 after rising 13.75 points or 0.06 percent.

In NSE, 1,634 traded in green, while there are as many as 565 stock in red.

Market leaders told that "Nifty has been consolidating in its marked range and is likely to remain in this consolidation zone with mild upward bias through near term".

"The major plus for the market has been the entry of the FIIs and the associated strength in large cap, specially in banking and IT," added they.

The Nifty Bank lost 122.45 points or 0.23% at 53,455.25. The Nifty Midcap 100 index is trading at 59,129.95 after a downfall of 5.45 points or 0.01 percent. The Nifty Smallcap 100 index settled at 19,636.65 with an improvement of 53.45 points or 0.27 per cent.

Akshay Chinchalkar of Axis Securities said that Nifty ended down a third day, but the late-session rebound has traced a candlestick with a long lower shadow, showing demand near 24500.

"Note that this level represents a so-called 'polarity' zone which was formerly resistance," he informed.

The Sensex pack consisted of UltraTech Cement, Nestle, Infosys, Maruti, Adani Ports, Tata Motors, Asian Paints, Sun Pharma and L&T. In the loser's list were ICICI Bank, HCL Tech, Tech Mahindra, Hindustan Unilever, HDFC Bank and Kotak Mahindra Bank.

In Asian markets, markets in Hong Kong and Japan traded in red while Jakarta, Bangkok, China, and Seoul traded in green.

On the previous trading day, the US stock markets had closed in red.

On December 10, foreign institutional investors bought equities worth Rs 1,285.96 crore while domestic institutional investors bought equities worth Rs 605.79 crore on the same day.