Indian market trades lower, Nestle and Infosys among top losers

Mumbai, Oct 16: The Indian stock market began trading on a lower note on Wednesday, as Nestle and Infosys were among the top losers in the morning trade.

The BSE Sensex began trading at 81,611.07 after slipping 209.05 points or 0.26 per cent in early trade. At the same time, the NSE Nifty was trading at 24,999.45 after slipping 57.90 points or 0.23 per cent.

However, the market trend remained positive. On the National Stock Exchange (NSE), 687 stocks were trading in the green, while 555 stocks were trading in the red.

On the Bombay Stock Exchange (BSE), 61 stocks were trading in the green and 52 stocks were trading in the red.

Nifty Bank was at 51,878.45 after slipping 27.55 points or 0.05 per cent. The Nifty Midcap index was trading at 59, 635.05 level after gaining 41.80 points or 0.07 per cent. At the same time, the Nifty 100 index was at 26,120.20 after slipping 28.90 points or 0.11 per cent.

Asian Paints, HDFC Bank, Bajaj Finserv and Power Grid were the top gainers in the Sensex pack. Nestle and Infosys were the top losers.

SBI Life Insurance, HDFC Life, BPCL and Asian Paints were the top gainers in the Nifty pack. While Trent, M&M, TCS and Kotak Mahindra were the top losers.

According to market experts, the main driver of the bull run has been the sustained domestic flows into the market which has been absorbing all the selling by FIIs.

“The domestic flows will continue to support the market but elevated valuations will put a cap on the upside. Nifty is likely to consolidate around 25,000 levels. Q2 earnings will be weak except in IT, banking and pockets of autos,” they added.

The stock markets in Tokyo, Bangkok and Seoul were trading in the red. The markets of Shanghai, Hong Kong and Jakarta were trading in the green.

The US stock market closed in the red on the previous trading day.