According to a report by Magnum Equity Broking, the Nifty is expected to trade rangebound between 7740 and 7590.
Indian market ended flat on Tuesday after hitting record highs for the third consecutive session as gains in defensive stocks such as healthcare and technology were offset by profit-taking in the broader market. The Sensex ended 0.01 percent higher at 25,583.69, while the Nifty closed up 0.02 percent at 7,656.40. Earlier in the session, the Sensex rose as much as 0.51 percent to hit a record high of 25,711.11, surpassing the highest level of 25,644.77 hit on Monday and Nifty rose 0.37 percent to hit a fresh all-time high of 7,683.20, crossing the level of 7,673.70 touched on Monday.
Investors took profits in recent outperformers such as Oil and Natural Gas Corp., while recent underperformers such as Infosys Ltd saw some buying interest. ONGC fell 2.78 percent, adding to its 2.7 percent fall on Monday after it rose 12.1 percent to an all-time high on Friday. However, stocks in defensive sectors such as technology and healthcare saw some buying interest as investors look to reduce risk and volatility in their portfolios as local indexes edge lower on profit-taking. Yet, the sentiment remained upbeat as investors are optimistic ahead of the newly formed Modi
government's first Union budget, expecting promises on the revival of the domestic economy.
US stocks were little changed on Tuesday, with the S&P 500 halting its record-smashing run, as investors considered valuations. Asian equity markets were mixed on Wednesday with momentum subdued following a lackluster session on Wall Street.
Global cues are mixed today, with them SGX Nifty is showing just 5 points up move in morning trade indicating that Indian market may open little positive today and Nifty is expected to trade rangebound between 7740 and 7590.
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