Benchmark indices erases all morning gains and trading flat with Nifty hovering around 11,300 mark.
The Sensex is up 7.02 points at 37,297.69, while Nifty is up 2.60 points at 11,281.50. About 867 shares have advanced, 803 shares declined, and 92 shares are unchanged.
Maruti Suzuki, HDFC, SBI, Wipro and Power Grid Corp are the top losers on the Sensex.
HDFC Asset Management Company share price dropped 7.6 percent and Reliance Nippon Life Asset Management fell 8.6 percent to hit 52-week low of Rs 195.60 as brokerages slashed their target prices after SEBI cut expense ratio for these companies.
Global brokerage house Nomura has downgraded Reliance Nippon AMC share to Neutral from Buy and also slashed target price to Rs 210 from Rs 315 earlier after capital market regulator SEBI on Tuesday cut total expense ratio (TER) for mutual funds by 20-25 basis points.
TER cut is in addition to the recent 15 bps cut in lieu of exit loads, it said.
Morgan Stanley also cut target price on HDFC AMC stock to Rs 1,765 from Rs 2,050 per share while having Overweight call on the stock. "Lowering EPS/price target is materially on sharp TER cut by SEBI."
The global research firm cut estimates for equity & gross revenue / AAAUM by 20 bps & 11bps respectively and expects some further near-term weakness.
Missed call
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