Markets flat in choppy trade

The key benchmark indices are flat in early trade amid mixed cues from Asian markets. Both the Sensex and the Nifty are trading 0.3 per cent higher.
“The markets are likely to remain positive in the short term. Liquidity from FIIs and LIC may prop up investor sentiments. The Nifty may remain range bound between 2620-2930 levels,” said Deven Choksey, MD, KR Choksey Securities.

Buying interest is seen in metal, consumer durables, healthcare and capital goods stocks. The BSE capital goods index is up 0.8 per cent and the metal index has gained 0.6 per cent. Selling pressure has emerged in IT, oil & gas, realty and banking stocks.
Among the Sensex scrips, JP Associates, is the biggest gainer. It has advanced 3.5 per cent. Sterlite Industries, Hindalco and ITC are the other main gainers in the pack. Major losers in the group are ICICI Bank, M&M and Infosys, down more than 1.3 per cent each.
“The Nifty finds good support at 2810 levels and has resistance at 2870. If 2870 breaks then the index may even touch 2950,” said Salil Sharma, Partner, Kapur Sharma & Co.
Key Asian indices are trading mixed today. South Korea’s Kospi and China’s Shanghai Composite are up more than 1 per cent each. Japan’s Nikkei is trading flat whereas Hong Kong’s Hang Seng has shed 0.5 per cent.