The benchmark indices opened flat in keeping with mixed global cues. Sensex was up 58.53 points or 0.11 percent at 52,919.70. The Nifty50 was up 1.30 points or 0.01 percent at 15,819.60.
After starting on a negative note, the 30-share BSE index turned positive to trade 119.36 points or 0.23 percent higher at 52,980.54 in initial deals.
Similarly, the broader NSE Nifty advanced 25.10 points or 0.16 per cent to 15,843.35.
HDFC was the top gainer in the Sensex pack, rising nearly 2 percent, followed by Asian Paints, Tata Steel, PowerGrid, Bajaj Finserv, Maruti and HDFC Bank.
On the other hand, Titan, M&M, UltraTech Cement, HUL and Tech Mahindra were among the laggards.
In the previous session, Sensex ended 18.82 points or 0.04 percent lower at 52,861.18, and Nifty fell 16.10 points or 0.1 percent to 15,818.25.
Foreign institutional investors (FIIs) remained net sellers in the capital market as they offloaded shares worth Rs 543.30 crore on Tuesday, as per provisional exchange data.
Notably, sharp rise in crude prices and strengthening dollar index weighed on sentiments in recent weeks. Accordingly, FIIs have turned out as large net sellers, said Binod Modi Head-Strategy at Reliance Securities, PTI said. However, improving business momentum with ease of business curbs started offering comfort, he added.
Infosys Q1 results to be announced
Infosys will announce results for the first quarter ended June 30, 2021 on Wednesday, July 14, 2021 around 3:45 PM. At 9.46 AM, Infosys was Rs 6.05 down or 0.39 percent at Rs 1,556.45.
Asian markets mixed
Asian Markets were mixed on Wednesday morning following losses on wall street with the S&P 500 ending its seven day winning streak. The Dow and S&P 500 fell on Tuesday, with financials and other groups closely tied to economic growth leading declines, while the Nasdaq edged higher to another closing record. The Dow Jones Industrial Average fell 0.6 per cent, the S&P 500 lost 0.20 per cent, and the Nasdaq Composite added 0.17 per cent.
Japan’s Nikkei 225 dropped 0.75 percent while the Topix index declined over half a percent. South Korea’s Kospi shed 0.68 percent.
Oil prices slip
Oil prices slipped on Tuesday driven by profit taking in response to multi-year highs reached after OPEC+ producers clashed over plans to raise supply to meet rising global demand. Bond yields shoot up amid hardening crude prices, transition to new benchmark. Immediate support and resistance for Nifty 50 are 15,600 and 15,900 respectively.
International oil benchmark Brent crude slipped 0.15 per cent to $74.42 per barrel.
Fuel prices hiked
Petrol price crossed Rs 100-a-litre mark in Delhi after the rate was hiked yet again on Wednesday. The price of petrol, depending on the area, has gone up by 31-39 paise, while diesel prices have gone up by 15-18 paise, as per the Indian Oil Corporation (IOC).
Fuel prices differ from state to state depending on the incidence of local taxes such as value-added tax (VAT) and freight charges.
In Delhi, petrol hit an all-time high of Rs 100.21 a litre, while diesel is now priced at Rs 89.53 per litre. In Mumbai, where petrol price crossed Rs 100 mark for the first time ever on May 29, the fuel price reached new high of Rs 106.25 per litre on Wednesday. Diesel price also increased in the city by 18 paisa per litre to reach Rs 97.09 a litre, the highest among metros.
The price of petrol and diesel in Chennai was Rs 101.06 and Rs 94.06 per litre respectively and Rs 100.23 and Rs 92.50 per litre in Kolkata.