Market update: BSE Sensex, Nifty flat, Reliance Industries leads
BSE Sensex and Nifty were flat in trade on Wednesday. However, traders warn this week's gains are likely driven by purchases of recently under-performing sectors and may not sustain ahead of the budget.
At 1:15 p.m., shares in Reliance Industries gain 2.7 percent a day after the company said it will invest over $5 billion in the next three to five years with UK partner BP to boost declining output at a key natural gas field off India's east coast.
DLF shares gain nearly 4 percent, extending a recent rally on continued hopes of an earnings recovery. The property developer has gained more than 12 percent so far this week.
Welspun Corp, however, fell 2.4 percent after National Stock Exchange excluded the company's shares from trading in the futures and options segment from April 26, without giving a reason.
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