Sensex, Nifty Continue Trading Flat; Buoyancy Seen In Auto Industry

Meanwhile, crude oil prices were at $49.63 per barrel.

Mumbai, July 5: Benchmark indices continued to witness a subdued performance as trading progressed on Wednesday. At 11:30 AM the S&P BSE Sensex gained by 25 points to trade at 31,235, while the 50-scrip Nifty gained 13 points to trade at 9,627.

Markets across the world saw tepid performances as a consequence of rising geopolitical tensions in various parts. The firing of a North Korean missile into Japanese waters and the growing strains in West Asia were of particular consequence.

Meanwhile, crude oil prices were at $49.63 per barrel. The prices were capped to control the excess supply problem faced by OPEC countries, further fuelled by the tensions in West Asia. The S&P BSE Midcap gained by 0.6 per cent while the S&P BSE Smallcap Index gained by 0.8 per cent.

According to a report in the BS,  a note by Geojit Financial Services read, “The internal trendline that pierces through 9,640, also discussed yesterday, shall continue to be a challenge, and to this end, dips to 9,580 should be a convenient entry. And until then, volatility should be the order of the day. Alternatively, direct rise above 9,650 could see some short covering, but a directional upside is less favoured.”

Maximum gains were made by the auto industry with shares of  Mahindra & Mahindra (M&M) gaining by over 2 per cent. This was also reflected in the rise of the BSE Auto index by 0.73 per cent to 23,776. On the other hand, the IT industry took a hit with shares of Infosys, Wipro and Rolta seeing a decrease.