Mumbai, May 30
The domestic benchmark indices opened flat on Friday amid negative Asian cues, as selling was seen in the IT and auto sectors in the early trade.
Stable institutional flows — both FII and DII — are keeping the market steady even in the absence of positive triggers. The ongoing consolidation phase is likely to continue in the near-term, according to analysts.
At around 9.29 am, Sensex was trading 11.77 points or 0.01 per cent up at 81,644.79 while the Nifty added 13.20 point or 0.05 per cent at 24,846.80.
Nifty Bank was up 81.20 points or 0.15 per cent at 55,627.25. The Nifty Midcap 100 index was trading at 57,707.65 after rising 250.40 points or 0.44 per cent. Nifty Smallcap 100 index was at 17,927.15 after climbing 37.75 points or 0.21 per cent.
According to analysts, the Nifty posted a smart recovery in the final minutes of trading on Thursday, after spending most of the first half in the red.
"Although the Nifty is still caught in a sideways market defined by the 24,462 and 25,116 range, yesterday's rebound traced a long lower shadow and a small real body that was closer to the day's high, and that's a bullish sign. Immediate support and resistance lie at 24677 and 25000 respectively," said Akshay Chinchalkar, Head of Research at Axis Securities.