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Indices erase gains; Sensex turns negative, Nifty below 8,800

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The Indian equity benchmark indices erased all intraday gains and turned flat on Wednesday afternoon as selling at higher levels pressurized markets.

Indices erase gains; Sensex turns negative, Nifty below 8,800
The Indian equity benchmark indices erased all intraday gains and turned flat on Wednesday afternoon as selling at higher levels pressurized markets.
At 1 pm, the benchmarks, Sensex traded 9.98 points or 0.03 percent lower at 30,057.23 and the Nifty traded 13.70 points or 0.16 percent lower at 8,778.50.
Buying in pharma, auto and FMCG stocks was countered by sell-off in IT, realty and private banks.
TCS, Titan Company, IndusInd Bank, Bharti Aitel and Grasim Industries led the losses among Nifty constituents while Bharti Infratel, Sun Pharmaceuticals, Cipla, GAIL India and HCL Technologies were the top gainers.
“Market is rallying on expectations of a fiscal stimulus package in the next 24-48 hours. The short covering in the market began on Tuesday afternoon. Banks which were the worst hit are trying to stage some sort of a pullback,” said Manish Sonthalia, Head- Equity PMS at Motilal Oswal AMC.
In Asia, stocks stepped back on Wednesday after two sessions of sharp gains as investors tempered their optimism about the coronavirus while death tolls were still mounting across the globe.
 
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