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Nifty hovers around 11,300 mark; HDFC AMC stocks slip

Equity benchmark indices erased early morning gains to trade flat in Wednesday’s trade. The stock markets opened higher taking cues from Asian peers. All the sectoral indices are trading in green with metal and pharma outperforming with 0.90% gain, while PSU Bank, realty, FMCG and media stocks were down.

On the international front, the US-China trade war deepened as Beijing announced retaliatory tariffs on $60 billion of US goods and the Trump administration threatened duties on virtually all Chinese imports.

Meanwhile, shares of AMC companies fell after SEBI decided to lower expenses paid by investors of equity mutual fund schemes by linking them to assets under management. HDFC AMC stock slipped 7% on the NSE. Read here

The Indian rupee opened higher by 26 paise at 72.72 per dollar on Wednesday vs. previous close 72.98.

Sensex was up 32 points at 37,322, and the Nifty was up 11 points at 11,289. India VIX inched down 1.47% to 14.20.

In the broader market, the BSE Midcap and BSE Smallcap was slightly down.

Out of 2,049 stocks traded on the NSE, 776 advanced, 787 declined and 486 remained unchanged today.

ONGC (+3.2%), Coal India (+1.9%), Cipla (+1.7%), GAIL (+1.5%) and Dr.Reddy’s (+1.3%) were the top gainers, while Zee (-2.1%), Titan (-1.9%), UPL (-1.5%), HDFC (-0.92%) and Maruti (-0.80%) were the top losers on the NSE.

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