The BSE benchmark, the Sensex was trading 0.03% or 8.58 points lower at 24,540.93 points, while the NSE's Nifty was trading 0.10% or 7 points higher at 7,325 points at 11.00 am IST.
Experts believe Indian markets are likely to see an increase in inflows from foreign investors as well as domestic investors. "We believe that with Mr Modi at the helm of affairs, there will be increase in capital inflows, both from the foreign investors as well as the domestic investors, going forward," Motilal Oswal said in a recent report.
Among sectoral indices, the BSE Metals (-1.08%), BSE Auto (-1.03%) and BSE FMCG (-0.41%) were the major losers on Wednesday. Among individual stocks, Coal India (-2.71%), Tata Motors (-2.36%) and Mahindra & Mahindra (-2.21%) were the major losers on the 30-share Sensex.
Asian indices were trading in the green. The Nikkei (0.41%), Taiwan Taiex (0.64%), Shanghai Composite (0.35%), Jakarta Composite (0.23%), Kospi (0.72%), Straits Times (0.09%) and Hang Seng (0.95%) were trading higher.
BSE Sensex up 25 points, BHEL, Hero Motocorp shares rise
(PTI) The benchmark BSE Sensex recovered by 25 points in morning trade on fresh buying in capital goods and power sector stocks on the back of higher global cues despite selling in metal and realty sectors.
The market may remain volatile in the near future ahead of the expiry of futures & options (F&O) May contract tomorrow.
The BSE Sensex resumed higher at 24,591.61 and hovered in a range of 24,643.33 and 24,552.76 before quoting at 24,574.55 at 1000 hrs, showing a gain of 25.04 points, or 0.10 per cent, from its last close.
The NSE Nifty also moved up by 8.50 points, or 0.12 per cent, to 7,326.50 at 1000 hrs.
Major gainers were BHEL (3.28 per cent), Hero Motocorp (2.02 per cent), Maruti Suzuki (1.55 per cent), Larsen (1.36 per cent), Bharti Airtel (0.85 per cent) and ICICI Bank (0.76 per cent).
Asian stocks rose in their early trade after China reported industrial profits. Key benchmark indices in Hong Kong, Indonesia, South Korea, Taiwan, China, Singapore and Japan were up 0.04-0.63 per cent.
US stocks rose yesterday as the S&P 500 index scored a second straight record close, buoyed by the latest round of merger activity and as expectations for rate cuts by the European Central Bank stoked investors' appetite for equities.
Meanwhile, foreign institutional investors (FIIs) sold shares worth a net Rs 202.61 crore yesterday, as per provisional data from the stock exchanges.