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Market turns flat on New Year's eve as HDFC, Reliance drag indexes; Nifty slips below 10,900

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The Nifty was down by nearly 6 points or 0.04 percent, to 10,855.

Market turns flat on New Year's eve as HDFC, Reliance drag indexes; Nifty slips below 10,900
Indian shares turned flat on Monday noon on New Year's eve, retreating from early highs amid thin volume. At noon, the benchmark indexes turned negative with the Sensex slipped over 27 points or 0.08 percent, to trade at 36,049 at 12.25 pm. The Nifty was down by nearly 6 points or 0.04 percent, to 10,855.
The benchmark indices surged higher in the morning session for the fourth consecutive session as investor sentiment became bullish on signs of easing tensions between the US and China over trade tariff. A stronger rupee aided the sentiment as well.
Broader market indices outperformed their frontline peers with the Nifty MidCap surging 0.60 percent. The BSE MidCap also traded with gains of 0.65 percent.
Among sectoral indices, the Nifty Energy fell half a percent, leading as many as eight declining sectors. The BSE Metal, which surged 1.35 percent, was leading the 35 advancing sectors.
Among index gainers, JSW Steel, Tata Steel, Hindalco, Titan Company, Indiabulls Housing Finance, Sun Pharma, Vedanta, Tata Motors and IndusInd Bank, rising between 0.78 percent and 2.48 percent.
Bharti Infratel, NTPC, Reliance Industries, HDFC, ONGC, Power Grid Corp and Kotak Mahindra Bank dipped by up to 1.44 percent.
In currency market, the rupee traded at 69.85 per US dollar at 12.10 pm. The home currency opened stronger at 69.80 per US dollar on Monday, up 14 paise from its Friday's close of 69.94.
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Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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