Sensex trades flat, financial stocks fall

Mumbai, Aug 27 (IANS) The Indian stock market traded on a flat-to-positive note on Friday after opening in the red.Selling pressure was witnessed in financial stocks, while IT stocks rose.Around 10.50 a.m., Sensex was trading at 55,997.10, higher by 48 points or 0.09 per cent from its previous close of 55,949.10.It opened at 55,862.93 and has so far touched an intraday high of 56,003.77 and a low of 55,675.87 points.The Nifty50 on the National Stock Exchange was trading at 16,662.30, higher by 25.40 points or 0.15 per cent from its previous close.Manish Hathiramani, technical analyst with Deen Dayal Investments said: "The markets have opened on a tepid note. The weekend is knocking on the doors too. The coming week will give us a clearer sense on the direction of the index.""The overall trend is positive and choppy sessions should be used to enter long positions. The current support for the market is at 16,400," he said.The top gainers on the Sensex were Larsen & Toubro, UltraTech Cement and Sun Pharmaceutical Industries, while the major losers were IndusInd Bank, HDFC and ICICI Bank.
--IANS rrb/sn/dpb