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Markets remain range-bound in early trade; IT stocks outperform

Indian equity benchmarks traded in a narrow range on Wednesday morning for a second consecutive session amid decline in crude oil prices.

Sensex was trading at 76,348.95, up over 100 points or 0.19 per cent in early deals, while Nifty was at 23,853.75, higher by 30 points or 0.12 per cent.

Sector-wise, Nifty IT led the gains, rising nearly 1 per cent, followed by Nifty MidSmall IT & Telecom (0.72 per cent), Nifty Pharma (0.68 per cent), Nifty Healthcare (0.57 per cent) and Nifty Realty (0.3 per cent).

Financial and banking stocks also remained in positive territory, with Nifty Private Bank and Nifty PSU Bank advancing 0.23 per cent and 0.21 per cent, respectively.

On the downside, metal and auto stocks witnessed selling pressure, with Nifty Metal declining 0.23 per cent and Nifty Auto slipping 0.21 per cent.

On the commodities front, international benchmark Brent crude fell more than 1 per cent to around $76 a barrel, while US West Texas Intermediate (WTI) crude declined 1.5 per cent to about $72 a barrel.

-IANS

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