Sensex, Nifty trade flat post opening with losses after eight days of rally

• ITC, Titan, Power Grid and UltraTech Cement are among the gainers.
• ICICI Bank, Tata Consultancy Services, HCL Technologies are some of the major laggards.
• In Asia, Seoul, Shanghai and Hong Kong are quoting ower while Tokyo is trading in the green.

Equity benchmark indices, the Nifty and the Sensex, declined in early trade on Wednesday, with the BSE Sensex halting its eight days of rally, amid weak trend in global markets and fresh foreign fund outflows. Also, high valuation concerns of the domestic market made investors cautious. However, after the first 45 minutes of trade, both the benchmarks have recovered and at the time of publishing are trading flat.

The 30-share BSE Sensex declined 167.77 points to 67,053.36. The Nifty slipped 49.1 points to 19,944.10. The Nifty has recovered a bit and is 12 points in the red as it tries to recapture Mount 20,000.

Among the Sensex firms, ICICI Bank, Tata Consultancy Services, HCL Technologies, Asian Paints, Bajaj Finserv and Infosys were the major laggards.

ITC, Titan, Power Grid and UltraTech Cement were among the gainers.

In Asian markets, Seoul, Shanghai and Hong Kong quoted lower while Tokyo traded in the green.

The US markets ended in the negative territory on Tuesday.

Global oil benchmark Brent crude climbed 0.20% to USD 92.24 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,047.19 crore on Tuesday after a day's breather, according to exchange data.

Retail inflation declined to 6.83% in August after touching a 15-month high of 7.44% in July, mainly due to softening prices of vegetables, but still remains above the Reserve Bank's comfort zone.

India's industrial production growth rose to a five-month high of 5.7% in July, mainly due to good showing by the manufacturing, mining and power sectors, according to an official data released on Tuesday.

The BSE benchmark had climbed 94.05 points or 0.14% to settle at 67,221.13 on Tuesday. The Nifty, however, pared all its gains and ended marginally lower by 3.15 points or 0.02% at 19,993.20 in a volatile trade.