Weakness in IT and FMCG is being offset by metals and pharma. Midcaps have had a strong start, outperforming the benchmarks.
Following days of rally in the market, benchmarks have taken a pause on Wednesday morning. The Sensex and Nifty are trading flat, with the latter managing to hold 11,700-mark. The Bank Nifty is trading flat, but PSU bank index is higher by around half a percent.
Weakness in IT and FMCG is being offset by metals and pharma. Midcaps have had a strong start, outperforming the benchmarks. The Nifty Midcap index is up almost a percent.
Among shares, State Bank of India is up almost a percent on the back of its plan to sell stake in NSE. Meanwhile, Jet Airways is up over a percent after it received 300 million dollar liquidity support from banks.
The Sensex is up 0.55 points or 0.00% at 38897.18, while the Nifty is down 6.00 points or 0.05% at 11732.50. The market breadth is positive as 1,046 shares advanced, against a decline of 626 shares, while 98 shares were unchanged.
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