The Indian equity benchmarks were trading in a narrow range on Wednesday as gains in Infosys, ITC, HCL Technologies, IndusInd Bank and HDFC Bank were offset with losses in ICICI Bank, Power Grid, Bharti Airtel, TCS and Tech Mahindra. The Sensex was trading in a range 335 points and Nifty 50 index touched an intraday high of 18,296 and low of 18,183.
Meanwhile, other Asian shares were mixed on Wednesday as investors awaited the outcome of the U.S. midterm elections and a major inflation update due later in the week.
Tokyo’s Nikkei 225 index slipped 0.2 per cent and the Hang Seng in Hong Kong also shed 0.2 per cent, to 16,517.04. The Shanghai Composite index edged 0.1 per cent higher to 3,066.99, while the S&P/ASX 200 in Sydney climbed 0.7 per cent to 7,006.70.
The Kospi in Seoul surged 1 per cent to 2,424.02.
All eyes were on the elections, which could determine how much is done in the next several years in Washington, and possibly beyond. Markets tend to abhor uncertainty.
With Americans heading to the polls across the country amid high inflation and worries about a possible recession, analysts say investors appear to be betting that Republicans will gain control of at least one house of Congress. That combined with a Democratic White House could lead to little getting done in Washington, which may be bad for society but could also keep the status quo on economic policy.
Back home, Sensex was down 60 points at 61,127 and Nifty 50 index declined 12 points to 18,190 by 11:28 am.
Eight of 15 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Pharma and Healthcare indexes' 0.8 per cent fall. Consumer Durables, metal, auto and financial services shares were also facing selling pressure.
On the other hand, PSU Banks were witnessing strong buying interest as the gauge of state-run lenders rose over 2 per cent on the National Stock Exchange. Nifty Bank, FMCG, IT, Private Bank and Realty shares were also witnessing buying interest.
Mid- and small-cap shares were trading on a flat note as Nifty Midcap 100 index was little changed and Nifty Smallcap 100 index fell 0.2 per cent.
Adani Ports was top Nifty gainer, the stock rose 5 per cent to Rs 895. Coal India, IndusInd Bank, Britannia Industries, ITC, Dr Reddy's Labs and UPL also rose between 1-3 per cent.
On the flipside, Hindalco, Divi's Labs, Power Grdi, Grasim Industries, NTPC, Sun Pharma, ONGC, ICICI Bank and SBI Life were among the losers.
The overall market breadth was positive as 1,880 shares were advancing while 1,469 were declining on the BSE.
