The domestic stock markets have opened flat, after three successive days of losses, due to mixed cues from the global front. At 9:30 am, the BSE Sensex was at 50,445.35, higher by 75.35 points or 0.16 per cent and the NSE Nifty was at 14,924.85, down 14.90 points or 0.11 per cent. The BSE Midcap and BSE Smallcap indices are also trading flat at 21,191.75 and 20,484.35 respectively.
Asian stocks were subdued on Wednesday as investors weighed the strength of the economic recovery ahead of the Federal Reserve’s policy statement.
Overnight, the S&P 500 ended lower, weighed down by energy and industrial stocks as investors awaited the result of the Federal Reserve’s two-day policy meeting. The Dow Jones Industrial Average fell 0.39 per cent to end at 32,825.95 points, while the S&P 500 lost 0.16 per cent at 3,962.71. The Nasdaq Composite edged up 0.09 per cent to 13,471.57.
On the IPO front, Nazara Technologies and Suryoday Small Finance Bank will open their maiden public offers for subscription on March 17.
On the stock-specific front, L&T has strengthened by 1.3 per cent to Rs 1,482 to top the gainers list on the BSE. Information technology stocks are also witnessing buying interest, with Tech Mahindra, TCS, Wipro, Infosys and HCL Tech gaining around 1 per cent each on the BSE.
On the other hand, oil marketing companies are trading weak; ONGC, BPCL and IOC have lost 1.2 per cent to 2.6 per cent each on the BSE. Coal India, Asian Paints and NTPC are the other significant losers on the BSE.
The BSE market breadth is weak. Out of 2,316 stocks traded on the BSE, there are 1,140 declining stocks as against 1,073 advances.