Equity benchmark Sensex turned choppy just after opening at a record intra-day higher of 48,616.66 in opening trade on Wednesday amid weak trend in worldwide equities.
After increasing 179 points in early trade, the 30-share BSE index was trading 38.03 points or .08 per cent reduced at 48,399.75, and the broader NSE Nifty slipped 8.10 points or .06 per cent to 14,191.40.
ITC was the top rated laggard in the Sensex pack, shedding about 1 per cent, followed by Reliance Industries, HUL, HCL Tech, UltraTech Cement and Bajaj Finance.
On the other hand, ONGC, Titan, SBI, ICICI Bank and Bharti Airtel had been amongst the gainers.
In the preceding session, Sensex ended 260.98 points or .54 per cent larger at 48,437.78, although Nifty rose 66.60 points or .47 per cent to settle at a new peak of 14,199.50.
Foreign portfolio investors (FPIs) had been net purchasers in the capital marketplace as they bought shares worth Rs 986.30 crore on a net basis on Tuesday, according to provisional exchange information.
According to Binod Modi Head-Strategy at Reliance Securities, domestic equities appear to be flat at the moment amid mixed cues from Asian markets.
“Announcement of date to begin vaccination drive and India continuing to remain the most resilient in the world in terms of COVID-19 recovery rates should continue to augur well for equities. Additionally, key economic indicators for December 2020 show sustained recovery in the economic activities.
“Considering ongoing financial recovery and persistent weakness in the dollar with soft monetary policies across the globe, FPIs flow ought to continue to stay supportive for Indian equities. 3QFY21 earnings and Union Budget will be essential for markets in the close to term,” he stated.
US equities ended larger as investors focused on larger fiscal stimulus as Democrats’ manage in the Senate (as indicated by polls) will open the door for significant fiscal stimulus and expansive fiscal policies irrespective of close to-term volatility due to larger taxes, he stated.
Elsewhere in Asia, bourses in Shanghai, Tokyo, Seoul and Hong Kong had been trading on a damaging note in mid-session bargains.
Meanwhile, the worldwide oil benchmark, Brent crude, was trading .56 per cent larger at USD 53.90 per barrel.