Sensex Remains Flat; Asian Paints, UPL Top Gainers, While Metals Weak

[sushmi]

Sensex Remains Flat; Asian Paints, UPL Top Gainers, While Metals Weak

The domestic markets are flat, with a negative bias, on the last trading day of the week, amid choppiness. At 11:55 am, the BSE Sensex was trading at 48,569.15, lower by 118.10 points or 0.24 per cent and the NSE Nifty was at 14,626.15, down 71.85 points or 0.50 per cent. The broader markets are underperforming their largecap peers, with the BSE Midacap and BSE Smallcap index losing 0.6 per cent each.
Overnight, Wall Street advanced in a broad rally, bouncing back from three straight days of selling, as upbeat labor market data prompted investors to buy shares that stand to gain most from economic revival. All three major U.S. The Dow Jones rose 1.38 per cent, S&P 500 gained 1.27 per cent and Nasdaq Composite added 0.7 per cent.



Meanwhile, oil prices fell on Friday after dropping about 3 per cent a day earlier as coronavirus cases remained high in major oil consumer India and as a key fuel pipeline in the United States resumed operations after being shut due to a cyber attack. Brent crude oil futures were down 35 cents, or 0.5 per cent, at $66.70 a barrel and West Texas Intermediate (WTI) was down 28 cents, or 0.4 per cent, at $63.54 a barrel.

On the earnings front, Larsen & Toubro, Dr Reddy's Laboratories, Cipla and Aditya Birla Capital will declare their Q4 earnings during the day.

On the stock-specific front, Asian Paints is the top gainer among Sensex stocks, soaring more than 7 per cent at ₹ 2744 after reporting a jump in quarterly profit in the quarter ended March 2021. UPL also surged 7 per cent after posting solid quarterly results. Cipla, Dr Reddy's and ITC are the other significant gainers on the BSE.

On the other hand, Tata Steel, M&M and Hindalco have shed around 2 per cent each on the BSE.

SOURCE - https://www.ndtv.com/business/stock-market-updates-may-14-2021-sensex-flat-in-early-trading-nifty-hovers-at-14-650-2441405