Sensex down 100 pts in choppy trade; NTPC, PowerGrid dip

Equity benchmark indices continue to trade on a volatile note on Wednesday ahead of the start of Q3 earnings season tomorrow.

The S&P BSE Sensex opened almost unmoved at 71,383. The index thereafter touched a high of 71,447, and then soon tumbled to a low of 71,111. The BSE Sensex was down around 100 points at 71,300 levels. The NSE Nifty 50 was seen testing the 21,500 levels.

Among the Sensex 30 stocks, HCL Technologies was up over 1 per cent. Wipro, Titan, Sun Pharma and ITC were the other notable gianers. On the other hand, NTPC, Axis Bank and Power Grid were the visible losers.

The broader indices also slipped into red. The BSE MidCap declined 0.5 per cent, while the SmallCap was down 0.1 per cent.

Cues from the Asian peers were mixed this morning. Japan’s Nikkei surged 1.8 per cent. On the other hand, Straits Times, Kospi and Taiwan slipped around 0.5 per cent each.

Overnight, the US market ended on a subdued note as hopes of a rate cut by Fed in March were seen decreasing; with inflation data later this week to guide sentiment. Investors also turned cautious as the 10-year bond yield hovered around the 4 per cent mark since the last few day. The Dow Jones dipped 0.4 per cent, and the S&P 500 was down 0.2 per cent. Nasdaq, however, added 0.1 per cent.