Sensex trades flat, Nifty hovers around 10,300 in late morning

Mumbai: Stocks pared their early losses to trade flat in late morning session amid lower Asian cues on uncertainty in US tax reforms.

The benchmark BSE Sensex was marginally lower by 2.70 points at 33,248.23 at 1100 hrs with 16 components led by Tata Motors and Asian Paint trading in the negative.

The 30-share index resumed lower at 33,235.75 and hovered between 33,280.55 and 33.135.94 in morning trade.

Investors opted for wait and watch policy ahead of GST Council outcome providing relief to small businesses, also the Index of Industrial Production (IIP) numbers to be released on Friday.

All the sectoral indices were trading mixed with selling in energy, healthCare, auto, IT and oil and gas and buying in realty, consumer durable, capital goods, industrials and power followed by secondline shares of midcap and smallcap counters.

The broader NSE Nifty trading at 10,305.85, down by marginal 3.10 points, or 0.03 per cent.

Major losers were Tata Motors 2.82 per cent, Asian Paint 2.58 per cent, Tatamtrdvr 1.73 per cent, Adaniports 1.35 per cent, Reliance 1.23 per cent and Coal India 1.13 per cent. Gainers include L&T 3.79 per cent, ITC 1.67 per cent, ICICI Bank 1.22 and ONGC 0.90 per cent.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 713.75 crore yesterday, as per provisional data released by stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 231.25 crore.

Overseas, Asian markets were trading lower on uncertainty about US tax reforms after Senate Republicans unveiled a plan that differed from the House of Representatives' version in several key areas, including a delay in the timing of a corporate tax cut.

The US stocks closed lower on Thursday with the Dow snapping a seven-day win streak on worries over a possible delay in much-anticipated corporate tax cut.  -- Rupee pares losses against dollar; trades at 65.02 -- The rupee pared its early losses against the dollar to trade at 65.02, still down by 8 paise, in late morning session at interbank foreign exchange market.

The rupee opened lower at 65.11 against previous close of 64.94 on strong demand for the greenback and early losses in stock markets. The rupee recovered some ground against the dollar later to trade at 65.02, down by 8 paise at 1130 hrs.

The domestic currency moved between 65.11 and 65.0150 in morning trade. The dollar fell marginally against world currencies amid uncertainty over US tax reforms.