Indian stock market trades almost flat, rupee strengthens

Blitz Bureau
NEW DELHI: The domestic benchmark indices were trading nearly flat in the morning trade on February 21 amid mixed global cues, as automobile stocks weighed on the sectoral indices. ICICI Bank, Infosys, Kotak Mahindra Bank, Tata Motors and Reliance Industries share prices dragged the benchmark indices in early trade.
As of 9.34 a.m., the Sensex was hovering around 75,665.80, down 70.16 points or 0.093 per cent while he Nifty was at 22,890.40, down marginally down by 22.75 points or 0.099 per cent.
Technically, after a gap down open, the market found support near 22800/75500 and reversed, said experts.
“Following this reversal, the market exhibited range-bound activity throughout the day. Additionally, on daily charts, a small candle has formed, indicating non-directional activity,” said Shrikant Chouhan, head, equity research, Kotak Securities.
Bharti Airtel, ITC, Cipla, Larsen &Toubro and Sun Pharmaceutical Industries limited losses on the Nifty 50 index.
Mahindra & Mahindra’s share price fell over 2 per cent as the company plans to subscribe to shares of Mahindra & Mahindra Financial Services Ltd. and Mahindra Lifespace Developers Ltd. to full extent of company’s rights entitlement.
“Market concerns include Wall Street’s overnight drop, looming Trump tariffs disrupting trade, persistent US inflation, and a cautious Fed approach on rate cuts. On the NSE, sectoral indices opened mixed. The NSE Nifty Auto declined the most, and the NSE Nifty Realty rose the most.
The Indian rupee strengthened marginally against the US dollar. The currency was trading higher at 86.55 a dollar, up 0.11 per cent from its previous close of 86.67 a dollar. The foreign institutional investors (FIIs) sold equities worth Rs 3,312 crore on February 20, while domestic institutional investors (DIIs) bought equities worth Rs 3,908 crore.