Mumbai, June 18: Indian equity markets traded flat on Thursday in morning trade amid mixed global cues as investors and traders assessed indications that the US Federal Reserve may still raise borrowing costs later this year, despite the benefits of lower oil prices and the Fed’s decision to keep rates unchanged.

Sensex was trading at 77,095.99, down 59 points or 0.08 per cent in early trade, while Nifty was at 24,076.95, down 8.75 points or 0.04 per cent.

Sector-wise, IT stocks remained under pressure, with Nifty IT declining 1.70 per cent. In contrast, Nifty Consumer Durables and Nifty FMCG rose 0.31 per cent each, while Nifty Metal advanced 0.25 per cent and Nifty Chemicals gained 0.21 per cent.

From the Nifty pack, Infosys, HCLTech, Tata Consultancy Services (TCS), Tech Mahindra, Wipro, Bajaj Finance and Bajaj Finserv were the top losers.

Moreover, the US Federal Reserve left interest rates unchanged, while indicating that further rate hikes remain possible this year as inflation continues to stay above its 2 per cent target.

According to market experts, Indian markets will not be unduly influenced by developments on the Fed rate front.

“In the near term, the market will remain resilient, supported by the crash in Brent crude to around $78 levels. The rupee is stable at around the 94.52 level,” they said.

Analysts stated that FII selling has tapered off, as expected, and that FIIs turned buyers yesterday, though in limited quantities. Brent crude prices at around $78 levels and stability in the rupee are big positives from the market perspective. Bank Nifty will remain strong with an upward bias.

Meanwhile, international oil benchmark Brent crude declined 1.64 per cent to $78.24 per barrel, while US West Texas Intermediate (WTI) crude slumped 2 per cent to $75 per barrel.

In Asian markets, indices showed a mixed trend. Japan’s Nikkei traded over 1 per cent higher, while Hong Kong’s Hang Seng was trading around 2 per cent lower. South Korea’s KOSPI was up more than 1 per cent, while Indonesia’s Jakarta Composite and China’s Shanghai Composite declined by up to 1 per cent.

Overnight in the US, Wall Street ended lower, with the S&P 500 decreasing 1.21 per cent and the Nasdaq closing 1.34 per cent down.

Mumbai, June 17: Domestic equity benchmarks traded flat in morning session on Wednesday after a three-day rally driven by lower crude oil prices and optimism over a US-Iran peace deal.

Sensex was trading at 76,817.58, up 8.58 points or 0.01 per cent, while Nifty was at 23,988, down 1 point in early trade.

Earlier in the day, the 30-share index opened higher, rising 284.69 points or 0.37 per cent to hit an intraday high of 77,093.17. The 50-script basket began the day at 24,044.50, up 58.89 points or 0.24 per cent.

On the sectoral front, Nifty Consumer Durables was the top performer, gaining 1.26 per cent, followed by Nifty IT and Nifty Media.

In addition, healthcare and pharma stocks remained in demand, with Nifty Pharma advancing 0.24 per cent and Nifty Healthcare rising 0.18 per cent.

In contrast, selling pressure was visible in metal and realty stocks. Nifty Metal fell 0.87 per cent, while Nifty Realty declined 0.68 per cent. Nifty Auto, Private Bank and PSU Bank indices also traded in the red.

Among the Nifty 50 constituents, Hindalco Industries, NTPC, Trent, ONGC, Bharti Airtel, Dr Reddy’s Laboratories and Axis Bank were among the top losers.

According to market experts, two factors are likely to influence market trends in the near term — one positive and the other negative.

“The positive factor is the steady and sharp decline in crude oil prices. Brent crude has fallen by around 16 per cent over the last five days to about $79 per barrel, easing concerns over a widening balance of payments deficit in India,” they said.

The negative factor is the deficient monsoon, which is raising concerns about food inflation. However, experts noted that monsoon activity could improve in the coming days, as has happened in the past, easing such concerns.

The positive trend is likely to continue as the rupee has been steadily strengthening and could appreciate further, experts added.

On the commodities front, international benchmark Brent crude declined 0.72 per cent to $78.39 per barrel, while US West Texas Intermediate (WTI) crude decreased almost 1 per cent to $75.35.

New Delhi, June 16: The government on Tuesday refuted media reports that it is pursuing a deep-sea energy pipeline, connecting Gujarat to Oman and other Gulf countries.

In a clarification, the Petroleum Ministry said it has noticed a series of media reports suggesting that the Government of India is actively pursuing a deep-sea energy pipeline, sometimes referred to as the Middle East-India Deepwater Pipeline (MEIDP), connecting Gujarat to Oman and other Gulf countries.

“The Ministry of Petroleum and Natural Gas wishes to categorically clarify that no such proposal is currently under consideration by this Ministry. There are no active discussions or negotiations with Oman or any other Gulf countries on this project at any level in this Ministry,” it said in a statement.

“This clarification is issued to put all speculation in this regard to rest,” added the ministry.

Meanwhile, the Malta-flagged LNG carrier DISHA, managed by a Shipping Corporation of India-led consortium, safely transited the Strait of Hormuz on Monday with a cargo of 62,370 metric tonnes of LNG bound for Dahej in Gujarat, and is likely to reach India on June 18.

The government said it remains in continuous coordination with the Ministry of External Affairs, Indian missions abroad, shipping companies, and other relevant stakeholders to ensure the safety and welfare of Indian seafarers and provide all assistance. Port operations across India remain normal, with no congestion reported.

The Directorate General of Shipping (DGS) has also advised shipping companies as well as maritime recruitment and placement agencies to restrict deployment of Indian seafarers to in the Middle East conflict areas until further orders, days after three Indian seafarers onboard MT Settebello were killed after the US military strike on the commercial vessel off the Oman coast.

DG Shipping, in a circular, said masters of vessels operating in or transiting through the Gulf region, including the Strait of Hormuz and adjoining waters, are advised to maintain heightened security awareness, closely monitor navigational warnings received and advisories issued from security agencies, and implement all applicable ship security measures and company security procedures.