Mid-day Mood | Subdued global cues, wait for US inflation data keep Sensex, Nifty lacklustre

The broader market outperformed the benchmark Sensex and Nifty.

The Sensex and the Nifty traded flat around noon on February 27 amid subdued cues from global markets. Investors also remained cautious ahead of the US inflation data due on Thursday, which kept the market lacklustre.

Volatility remained high in the run-up to the expiry of the monthly derivatives series on the same day.

The benchmark indices opened marginally lower, but continued to hover between gains and losses through the session so far. Around noon, the Sensex was up 101.47 points or 0.14 percent at 72,891.60, and the Nifty was up 25.40 points or 0.11 percent at 22,147.40. About 1,585 shares rose, 1,618 fell, and 87 shares remained unchanged.

The broader market, meanwhile, outperformed the benchmarks. The BSE midcap index was up 0.3 percent and the BSE smallcap index gained 0.2 percent.

Among sectoral indices, Nifty Realty and Nifty IT were the top gainers, up nearly 1 percent and 0.5 percent, respectively. Nifty Private Bank and Nifty Bank were the worst-hit sectoral indices.

Gift Nifty signals positivity for our stock markets, but potential excessive upside could unsettle the Nifty, said Prashanth Tapse, senior vice-president for research at Mehta Equities. Tapse said that global investors await the US inflation data this Thursday, impacting market sentiment while also highlighting that Adani Group stocks showed gains amid the overall weakness in the market.

"Volatility is expected this week due to the F&O contract expiry," Tapse said. Value-buying and bargain hunting are likely, according to him.

According to Jatin Gedia, technical research analyst at Sharekhan, the daily and hourly momentum indicators are providing divergent signals which can lead to a range-bound move over the next few trading sessions.

He believes that the hourly moving averages placed in the 22,130 – 22,100 range shall act as an immediate crucial support for the Nifty 50, while 22,275 – 22,300 shall act as an immediate hurdle zone from short-term perspective.

Tata Consultancy Services, HDFC Life, Power Grid Corporation of India, Tata Motors, and Titan Company

Hero MotoCorp, Adani Enterprises, Adani Ports and Special Economic Zones, and Divis Laboartories

Tata Consultancy Services, Tata Motors, Titan Company, Power Grid Corporation of India, and HCL Tech

State Bank of India, Bajaj Finance, Axis Bank, Tech Mahindra, and Hindustan Unilever

Havells India: Shares gained 4 percent to hit a 52-week high of Rs 1,482 after Goldman Sachs upgraded the rating for the wires and cables manufacturer to a "buy" from "neutral" .

JSW Energy: Shares traded 2 percent higher after the company said its wholly owned subsidiary, JSW Neo Energy Limited, received an order for ISTS-connected solar capacity of 700 MW from SJVN.

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