Solution :
The magnetic field is perpendicular to the plane of the paper. Let us consider two diametrically opposite elements. By Fleming's left hand rule, on element $$AB$$ the direction of force will be leftwards and the magnitude will be
$$dF = I\left( {d\ell } \right)B\sin {90^ \circ } = I\left( {d\ell } \right)B$$

On element $$CD,$$ the direction of force will be towards right on the plane of the paper and the magnitude
will be
$$dF = I\left( {d\ell } \right)B.$$
These two forces will cancel out.
NOTE : Similarly, all forces acting on the diametrically opposite elements will cancel out in pair. The net force acting on the loop will be zero.