The key Indian equity indices pared their initial gains after a gap-up opening to trade on a flat-to-negative note on Wednesday morning. Selling pressure was witnessed in oil and gas, power and banking stocks.
Around 10.15 a.m., Sensex was trading at 52,555.34, lower by 33.37 points or 0.06 per cent from its previous close of 52,588.71. It opened at 52,912.35 and has so far touched an intra-day high of 52,912.35 and a low of 52,534.70 points.
The Nifty50 on the National Stock Exchange was trading at 15,761.25, lower by 11.50 points or 0.07 per cent from its previous close.
Manish Hathiramani, technical analyst with Deen Dayal Investments said: "The Nifty resisted around the 15,900 levels yesterday so we still have to get past that for the markets to start moving up. If we can get past this level with ease, we should be targeting 16,100."
"A good support lies at 15,400 and as long as that does not break on a closing basis, dips can be utilised to enter long positions. If we fail to cross 15,900, the markets might become range bound in 15,400-15,900."
The top gainers on the Sensex so far were Maruti Suzuki India, Bajaj Finance and Sun Pharmaceutical Industries, while Tech Mahindra, Kotak Mahindra and UltraTech Cement were the major losers so far.
