Markets open flat in early trade

17/10/2016 09:25

The key domestic benchmark indices opened flat in the morning trading session tracking negative cues from most markets across Asia as bets that the US Federal Reserve is moving closer to tightening interest rates curbed risk taking appetite.

The focus this week would be on the September quarter earnings from RIL, Wipro, UltraTech Cement, ACC, Hindustan Zinc, HCL Technologies and Cairn India.

The quarterly earnings season has been off to a disappointing start with IT bellwether Infosys being punished for cutting its revenue guidance while TCS disappointed on the revenue front, signalling an uncertain outlook for the country’s IT industry. However, hopes of further policy easing by the RBI in the coming months amid softening inflation may support sentiment at Dalal Street.

At 09:25 AM, the Bombay Stock Exchange bellwether Sensex was at 27692.62 up by 19.02 points or by 0.07 per cent, while the NSE Nifty was at 8576.30 points, trading lower by 7.10 points or by 0.08 per cent.

The top gainers of the BSE Sensex pack were ICICI Bank Ltd. (Rs. 245.75,+1.61 per cent), NTPC Ltd. (Rs. 147.00,+1.45 per cent), GAIL (India) Ltd. (Rs. 435.00,+1.08 per cent), Infosys Ltd. (Rs. 1036.00,+0.84 per cent), State Bank of India (Rs. 253.90,+0.79 per cent), among others.

Meanwhile, Power Grid Corporation of India Ltd. (Rs. 177.00,-0.23 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 254.00,-0.18 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 1215 shares traded, 822 shares advanced, 335 shares declined while 58 were unchanged.

On the global front, Asian stocks were trading lower today as traders feared a Fed rate hike in the near-term after US retail sales data signaled strength in the world’s biggest economy. US stocks closed higher in the previous trading session helped by better-than-expected earnings from the likes of JP Morgan and Citigroup while worries over a Fed rate hike kept a lid on gains.

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