Indian shares traded largely flat on Friday, tracking subdued global cues as fresh slowdown worries offset optimism on the US-China trade talks front. The benchmark BSE Sensex traded lower by 49 points, or 0.14 percent, at 35,849 at 12.10 pm. The broader 50-share NSE Nifty slipped by 7 points, or 0.07 percent, at 10,782.50.
Kotak Mahindra Bank and Reliance Industries dragged indexes along with HDFC Bank and HDFC. ICICI Bank, Maruti Suzuki and M&M batted for the bulls.
Broader markets outperformed with the Nifty MidCap trading higher by 0.45 percent and the BSE MidCap up by 0.37 percent. Smallcap index also rose sharply. Among sectoral indices, 34 advanced with realty and energy sectors moving higher. Nifty Bank was the weakest among 9 falling sectors.
Among gainers, Indian Oil Corp., HPCL, Vedanta, BPCL, Indiabulls Housing, Yes Bank, ONGC, M&M and Hero Moto, gained between 1 and 5 percent.
Downstream oil companies surged with Indian Oil shares were up almost 5 percent as crude oil prices softened after the US reported its crude output hit a record 12 million barrels per day, balancing Opec efforts to tighten supply.
Kotak Mahindra Bank, Reliance Industries, Cipla, Asian Paints, HDFC Bank, Asian Paints and ITC declined by up to 4 percent.
Shares of Kotak Mahindra Bank
fell nearly 5 percent in the morning trade following a series of bulk deals on the stock exchanges.
Reliance Nippon Life Asset Management rose over 10 percent in early morning trade today, after Reliance Capital announced that it has decided to put on the block its 43 percent stake in the company.
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