CNBCTV18 Opening Bell: Sensex, Nifty trade flat on weak global cues; Sun Pharma dips 5%

The Nifty MidCap index opened mildly up in the green, while the banking gauge, Nifty Bank continued downtrend, slipping 0.37 percent.

Among sectors, IT, consumer, auto, metal counters traded marginally positive, while bank, finance, pharma, consumer durables and PSU declined.

Among Nifty losers, Sun Pharma slipped almost 5 percent after reports of Sebi inquiry. Indiabulls Housing Finance, IndusInd Bank, BPCL and Reliance Industries slipped by up to 1.56 percent.

GAIL, Indian Oil Corp, Britannia, L&T and Hero MotoCorp were top gainers, rising between 1 and 2 percent.

Yes Bank declined 2 percent after Morgan Stanley maintained an underweight rating on the lender's stock, reducing the target price to Rs 55 from Rs 95 apiece.

Future Market shares gained 4 percent after reports said the retailer has entered into an agreement with Warburg Pincus-backed logistics real estate firm e-Shang Redwood (ESR) to develop two logistics park with an investment of Rs 300 crore in Nagpur and Gurugram.

Meanwhile, the rupee recovered from over 9-month low and opened higher

at 72.20 against the US dollar on Wednesday, helped by a weaker greenback. On Tuesday, it closed at 72.40 against the USD.

In debt markets, the yields on the 10-year government bonds were down 0.11 percent at 6.51 percent from the previous close of 6.52 percent. Bond yields and prices move in opposite directions.