Domestic equity market benchmarks Sensex and Nifty were trading subdued on Thursday as index heavyweights HDFC twins, RIL, HUL and Kotak Mahindra Bank drag. Around 10.15 AM, the S&P BSE Sensex was trading just 14 points lower at 41,309 points while the broader Nifty 50 index was ruling at 12,122.20 points. “Markets are currently dancing to the global tunes and we do not see this scenario changing anytime soon. Traders should keep a close watch on the world markets for further cues. Since we’re seeing a mixed trend on the sectoral front, the focus should be on stock selection and trade management,” Ajit Mishra, VP – Research, Religare Broking Ltd said.

Index heavyweights drag– As many as 16 stocks out of 30 Sensex stocks were trading in red. HUL was the top laggard with a decline of 0.89 per cent, followed by HUL, Kotak Mahindra Bank and HDFC. On the flip side, IndusInd Bank was the top gainer with a growth of 5.25 per cent. ONGC, SUn Pharma, SBI were the top index gainers, each up over 1 per cent.

Financials, metal stocks reel under pressure- All the sectoral indices were trading in green except Nifty Financial Services index and Nifty Metal index. The Nifty Pharma index was trading over 1 per cent higher led by gains in Piramal Enterprises, Dr. Reddy’s Laboratories and Biocon.

Broader markets outperform equity benchmarks- The broader markets were bullish with S&P BSE MidCap index up 124 points or 0.79 percent to 15756 points, while S&P BSE SmallCap index was ruling at 14,777 with a growth of 105 points or 0.72 per cent.

No India-US bilateral trade deal- Accompanied by a very strong official delegation, the US President Donald Trump and First Lady Melania Trump are arriving for a two-day visit on Monday, February 24. Both India and the US are not keen to rush into a trade deal and the trade deal is not stuck.

Global markets- Asian stocks eased as coronavirus cases rose in Suth Korea and Japan. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6 per cent, led by falls of 0.8 per cent on Hong Kong’s Hang Seng and South Korea’s KOSPI. On Wall Street, the Dow Jones Industrial Average rose 115.84 points, or 0.4 per cent, to 29,348.03, the S&P 500 gained 15.86 points, or 0.47 per cent, to 3,386.15 and the Nasdaq Composite added 84.44 points, or 0.87 per cent, to 9,817.18.

Oil prices rise- Oil prices rose nearly a per cent on Thursday, extending big gains from a day earlier. Brent crude futures rose 45 cents, or 0.8 per cent, to $59.57 a barrel. The international benchmark rose 2.4 per cent on Wednesday. West Texas Intermediate (WTI) crude futures climbed 49 cents, or 0.9 per cemt, to $53.78 per barrel. US crude also closed up 2.4 per cent in the previous session.