Sensex trades flat, Nifty slips below 10,700; IT stocks lead

The domestic market opened flat on Wednesday with the Nifty50 testing 10,700, as Asian markets were trading lower after Wall Street paused its rally overnight.

At 9:23 am, the S&P BSE Sensex was trading at 34,845, up 74 points, while the broader Nifty50 was ruling at 10,717, up 17 points.

In the broader market, the BSE Midcap and the BSE Smallcap indices underperformed to lose 0.4 per cent and 0.5 per cent, respectively.

IT stocks hogged limelight with the Nifty IT index (up 1.4 per cent) gaining the most among NSE indices.

Infosys (up 2 per cent) and TCS (up 2 per cent) were the top gainers on Sensex and Nifty both.

Overseas, Asian stocks stepped back from a record high on Wednesday as the region’s resource shares were hit by falling oil and commodity prices while digital currencies tumbled on worries about tighter regulations, reported Reuters.

On Wall Street, US stock indices paused their rally, hit by a 1.2 per cent fall in energy stocks as well as weakness in General Electric.

The Dow Jones Industrial Average fell 10.33 points, or 0.04 per cent, to 25,792.86, the S&P 500 lost 9.82 points, or 0.35 per cent, to 2,776.42 and the Nasdaq Composite dropped 37.38 points, or 0.51 per cent, to 7,223.69.