Indian markets trade flat amid mixed global cues, oil prices rise

MUMBAI: Indian equity markets traded flat in early trade on Friday amid mixed global cues from Asian and US markets.

Nifty was trading at 23,663, down 0.11 per cent or 26.25 points from the previous close, while Sensex was at 75,251, lower by 0.2 per cent or 147 points in the morning session.

On the sectoral front, indices such as Nifty Metal, Nifty Realty, and Nifty Oil & Gas were among the top losers, declining up to 1 per cent. Meanwhile, Hindalco Industries, Trent, Bharat Electronics Ltd (BEL), Eternal, and Asian Paints were among the top laggards in the Nifty pack.

On the other hand, Nifty IT and Nifty Auto emerged as the top gainers. Category-wise, small-cap and micro-cap stocks remained under pressure.

According to a market expert, the decision to increase petrol and diesel prices by Rs 3 per litre and CNG prices by Rs 2 per kg indicates that the government is playing it safe through gradual hikes without triggering a sharp spike in cost-push inflation.

“This is a welcome step,” the expert said.

The expert further stated that investors need to watch certain market trends closely, adding that the market is responding strongly to robust Q4 earnings, with some stocks witnessing double-digit gains, while poor results are leading to sharp double-digit declines in other counters.