Sensex trades flat as Asian shares show weak trend

Mumbai: Sharp movements went missing from the market today as the Sensex traded on a flat note, with Asian shares showing up a weak trend. Telecom, banks, financials and auto trailed while energy, IT and realty counters saw some buying interest.

The market conditions are reflective of an absence of trigger ahead of a speech to the Congress by US President Donald Trump. The 30-share barometer opened higher at 28,910.50 and moved between 28,961.83 and 28,812.88.

It was trading at 28,894.99 at 1216 hours, marginally up 2.02 points, or 0.01 per cent.

However, the Nifty showed mild weakness, down 20.40 points, or 0.23 per cent, at 8,919.10.

Major losers were Axis Bank (2.72 per cent), PowerGrid (2.11 per cent), Bharti Airtel (1.52 per cent), M&M (1.37 per cent) and Cipla (1.20 per cent). Notable gainers were Reliance (5.01 per cent), HUL (1.15 per cent), Infy (1.10 per cent), Sun Pharma (1.10 per cent) and Bajaj Auto (0.65 per cent).

Foreign portfolio investors (FPIs) net bought shares worth a Rs 392.33 crore yesterday, provisional data showed. This week, Trump will appear before the Congress and Janet Yellen is due to speak. Equities in Japan slumped as the yen advanced for the fourth day.

US stocks staged a last-minute rally, with major indices turning positive ahead of the closing bell and the Dow extended its record-setting streak as investors shrugged off

concerns that the rally was overdone.