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Indian Bourses Open Flat With Negative Bias

Shares of IndusInd Bank & M&M were the top drags for the Sensex declining over a per cent each.

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Tracking mixed figures in global markets, the Indian equity indices opened flat with negative bias on Wednesday, July 7 with the BSE Sensex down 57.25 at 52803.93, and the Nifty-50 down 18.30 points at 15800.

Selling was seen in almost all sectors in the morning trade. In the 30-share pack Sensex, 19 shares stayed under the red territory, while only 11 shares advanced in the morning trade. Shares of IndusInd Bank & M&M were the top drags for the index declining over a per cent each.

The broader markets also witnessed some losses on Wednesday as both BSE Midcap and Smallcap indices stayed muted in the early trade. Stocks of HFCL, Trident, Uttam Sugar and Ramky Infra were some of the top laggards declining over five per cent each in the Smallcap index.

In the overall market breadth, 1095 shares advanced, 748 shares declined, and 79 shares unchanged.

Going ahead, the equity market would continue to weigh economic recovery and pace of vaccination against the potential risk from the Covid third wave, said experts on the market sentiment. Opening up of the economy, earnings session in-line with expectations will also be critical for further outperformance, they added.

Siddhartha Khemka - Head of Retail Research at MOFSL, said, "The gradual unlocking of the economy and an improved demand backdrop do offer bottom-up opportunities. Consistent earnings delivery v/s expectations are critical for further outperformance."