Cautious Trading Sees Sensex & Nifty Moving Sideways

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Indian shares were moving sideways in early trade on Wednesday as oil prices spiked again and investors awaited quarterly earnings results from many prominent companies later in the day.

The benchmark BSE Sensex was up 0.12 percent at 36,869 after rising modestly to close at a record high the previous day. The broader Nifty index was marginally higher at 11,139.35.

Asian Paints dropped 2.4 percent despite posting better-than-expected quarterly results.

ICICI Prudential Life Insurance rallied 2.5 percent even as it reported a 31 percent decline in quarterly profit because of new business strain from the protection business.

Mahindra & Mahindra slid half a percent after foraying into intermediate vehicle segment.

Music Broadcast jumped 2.4 percent after announcing a share buyback.

Andhra Bank advanced 1.4 percent after receiving capital infusion from the government.

Oil India added 0.8 percent after it signed a joint venture pact for construction of grid pipelines in eight North-East states.

HDFC gained 0.8 percent on fund raising reports.