The Indian market was trading flat around noon on Tuesday, tracking broader Asian markets, which bounced back after two sessions of losses, as US Treasury yields edged higher, easing concerns about a recession in the world’s largest economy. The stronger rupee also supported the equities, which rose as much as 0.25 percent to 68.77 against the dollar.

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Last week, Indian equities rallied on optimism that the current coalition government led by Prime Minister Narendra Modi would return to power after the general election.

At 12:25 pm, the S&P BSE Sensex was trading at 37,851, up 42 points, while the broader NSE Nifty50 was ruling at 11,365, adding 11 points. Meanwhile, broader markets outperformed frontline indices with the Nifty MidCap rising 0.6 percent and the Nifty Smallcap advancing 0.7 percent.

Vedanta, Indiabulls Housing Finance, GAIL, NTPC, and Bajaj Finance were the top gainers on the Nifty50, while Tech Mahindra, Infosys, UPL, TCS, and Ultratech Cement fell the most on the index.

IT stocks like Tech Mahindra and Infosys were among the biggest losers on the index, falling 2.2 percent and 1.9 percent, respectively. The Nifty IT index fell 1 percent on strong rupee in noon deals.

Shares of Jet Airways rose 8.93 percent after founder Naresh Goyal and wife Anita Goyal exited the company board. Spicejet slipped as much 5.05 percent, while Interglobe Aviation lost 2.33 percent.

Shares of MindTree fell 0.2 percent. The company’s board is due to meet later in the day to decide about a share buyback proposal as it faces a Rs 10,800 crore hostile takeover bid from Larsen & Toubro.

Globally, MSCI’s broadest index of Asia-Pacific shares outside Japan rebounded 0.3 percent after losing 1.4 percent in the previous session. Australian shares were flat, while Japan’s Nikkei jumped 1.8 percent after recording its biggest drop since late December on Monday. China’s blue-chip CSI300 and Hong Kong’s Hang Seng Index also rose by 0.3 percent and 0.5 percent, respectively.

First Published:Mar 26, 2019 12:56 PM IST