Indian stock markets trade flat on expiry day; experts remain bullish

Jul 31 2014, 13:01 IST
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BSE Sensex declined in early trade with IT, banking, realty, teck and power stocks leading the fall. BSE Sensex declined in early trade with IT, banking, realty, teck and power stocks leading the fall.
SummaryBenchmark indices were trading flat on the expiry day with the BSE benchmark Sensex trading...

Benchmark indices were trading flat on the expiry day with the BSE benchmark Sensex trading 18.06 points or 0.07% lower at 26,069.36 points, while NSE's Nifty was trading 13.30 points or 0.17% down at 7,778.10 points at 12.20 pm IST.

However, experts remain bullish on the markets. "We would continue to maintain positive view on the market in the near term as long as the Nifty trades above 7700. Key near term support is at 7700. Resistance is at 7800," Standard Chartered analysts said in their morning note.

Among sectoral indices, the BSE IT (-0.46%), BSE FMCG (-0.27%) and BSE Consumer Durables (-0.30%) were among the major losers. Among individual stocks, Wipro (-1.13%), Mahindra & Mahindra (-0.77%), Dr Reddy's Laboratories (-0.71%) and HDFC (-0.66%) were trading lower. Shares of ICICI Bank were trading marginally in the green ahead of its Q1 results.

Most Asian indices were trading in the red. The Nikkei (-0.16%), Hang Seng (-0.02%), Kospi (-0.31%), Jakarta Composite (-0.19%) and Taiwan Taiex (-1.39%) were trading in the red. Meanwhile, Straits Times (0.73%) and Shanghai Composite (0.54%) were trading in the green.

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