After touching record highs, the Indian stock market was trading flat in the afternoon on August 25. The Sensex was up 76.54 points, or 0.14 percent, at 56,035.52, and the Nifty gained 40.40 points, or 0.24 percent, at 16,665.
Among sectors, the oil & gas space added a percent led by HPCL, ONGC and Adani Transmission, which were up 2-5 percent followed by Reliance Industries and BPCL which are up 0.5-1 percent each.
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IT stocks were also trading in the green. Tata Consultancy Services added more than a percent followed by Coforge, Info Edge, L&T Infotech, Tech Mahindra and Wipro.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst at Deen Dayal Investments, said the Nifty was trading well above the 16,600, which is a positive sign.
“We should scale higher to levels closer to 16,800-16,850. Dips or intraday corrections can be considered as buying opportunities; 16,400 is a good support for the index and as long as that holds there is no threat to the current trend,” he said.
On the other hand, the realty index shed half a percent dragged by Indiabulls Real Estate, which was down 2 percent followed by DLF, Godrej Properties and Oberoi Realty.
India VIX was up 2.58 percent and was at 13.53 levels.
As the market remains volatile, swinging between gains and losses, 126 stocks hit a new 52-week high on BSE. These include TCS, Hindustan Aeronautics, Bajaj Electricals, Tata Elxsi, Coforge, Avenue Supermarts, Info Edge, Wipro, Nestle India and Tech Mahindra.
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