The BSE Sensex and the 50-share Nifty were choppy on Wednesday as investors booked profit after a record closing yesterday. However, buying action was seen in midcap and smallcap stocks with the BSE sub-indices rising nearly 1 per cent.
Technical analyst Sarvendra Srivastava said frontline stocks are seeing some pressure at higher levels on profit-taking but there has been a lot of stock-specific action in broader markets. He advised investors to maintain a light position and buy on dips.
Foreign investors bought cash shares worth Rs 575 crore yesterday, while domestic institutional investors also turned net buyers, purchasing equities worth Rs 100 crore.
The Reserve Bank of India on Tuesday eased rules to spur bank lending and toned down its inflation rhetoric in moves that have been termed positive by market participants.
"I am hopeful that we may see a rate cut soon provided the government's administrative actions finally succeed in reducing food inflation," said Motilal Oswal, chairman and managing director at Motilal Oswal Financial Services.
Metal stocks extended gains for a second straight day. Stocks such as Hindalco, Tata Steel, JSPL and NMDC rose nearly 3 per cent after China's factory sector turned in its best performance in four months in May as export orders improved.
Consumer durables and realty stocks also saw buying interest though IT stocks witnessed selling pressure in early trade.
Wipro, HCL Tech, Infosys and TCS were down between 1.6 per cent and 2.7 per cent.
As of 11.35 a.m., the Sensex traded 32 points lower at 24,825, while the Nifty traded at 7,409, down 6 points.
(With inputs from Reuters)
The BSE Sensex and the 50-share Nifty were choppy on Wednesday as investors booked profit after a record closing yesterday. However, buying action was seen in midcap and smallcap stocks with the BSE sub-indices rising nearly 1 per cent.
Technical analyst Sarvendra Srivastava said frontline stocks are seeing some pressure at higher levels on profit-taking but there has been a lot of stock-specific action in broader markets. He advised investors to maintain a light position and buy on dips.
Foreign investors bought cash shares worth Rs 575 crore yesterday, while domestic institutional investors also turned net buyers, purchasing equities worth Rs 100 crore.
The Reserve Bank of India on Tuesday eased rules to spur bank lending and toned down its inflation rhetoric in moves that have been termed positive by market participants.
"I am hopeful that we may see a rate cut soon provided the government's administrative actions finally succeed in reducing food inflation," said Motilal Oswal, chairman and managing director at Motilal Oswal Financial Services.
Metal stocks extended gains for a second straight day. Stocks such as Hindalco, Tata Steel, JSPL and NMDC rose nearly 3 per cent after China's factory sector turned in its best performance in four months in May as export orders improved.
Consumer durables and realty stocks also saw buying interest though IT stocks witnessed selling pressure in early trade.
Wipro, HCL Tech, Infosys and TCS were down between 1.6 per cent and 2.7 per cent.
As of 11.35 a.m., the Sensex traded 32 points lower at 24,825, while the Nifty traded at 7,409, down 6 points.
(With inputs from Reuters)
The BSE Sensex and the 50-share Nifty were choppy on Wednesday as investors booked profit after a record closing yesterday. However, buying action was seen in midcap and smallcap stocks with the BSE sub-indices rising nearly 1 per cent.
Technical analyst Sarvendra Srivastava said frontline stocks are seeing some pressure at higher levels on profit-taking but there has been a lot of stock-specific action in broader markets. He advised investors to maintain a light position and buy on dips.
Foreign investors bought cash shares worth Rs 575 crore yesterday, while domestic institutional investors also turned net buyers, purchasing equities worth Rs 100 crore.
The Reserve Bank of India on Tuesday eased rules to spur bank lending and toned down its inflation rhetoric in moves that have been termed positive by market participants.
"I am hopeful that we may see a rate cut soon provided the government's administrative actions finally succeed in reducing food inflation," said Motilal Oswal, chairman and managing director at Motilal Oswal Financial Services.
Metal stocks extended gains for a second straight day. Stocks such as Hindalco, Tata Steel, JSPL and NMDC rose nearly 3 per cent after China's factory sector turned in its best performance in four months in May as export orders improved.
Consumer durables and realty stocks also saw buying interest though IT stocks witnessed selling pressure in early trade.
Wipro, HCL Tech, Infosys and TCS were down between 1.6 per cent and 2.7 per cent.
As of 11.35 a.m., the Sensex traded 32 points lower at 24,825, while the Nifty traded at 7,409, down 6 points.
(With inputs from Reuters)
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