Markets open flat in early trade

25/10/2016 09:23

The key domestic benchmark indices opened flat in the morning trading session as investors resorted to a cautious approach ahead of a flurry of earning reports from major bluechips and amidst a mixed trend across markets in Asia as speculation that the US Federal Reserve may raise interest rates this year heightened, curbing risk taking appetite.

Shares of Adani Ports & Special Economic Zone, Axis Bank, Bharti Airtel, Dr Reddy’s Laboratories, HDFC Bank, IDFC Bank, IDBI Bank and Kotak Mahindra Bank will be in focus today as the companies unveil their September quarter earnings.

Volatility may remain high at the domestic bourses as traders roll over their positions ahead of Thursday’s October Futures & Options (F&O) expiry.

At 09:20 AM, the Bombay Stock Exchange bellwether Sensex was at 28186.32 up by 7.24 points or by 0.03 per cent, while the NSE Nifty was at 8710 points, trading higher by 1.05 points or by 0.01 per cent.

The top gainers of the BSE Sensex pack were Adani Ports & Special Economic Zone Ltd. (Rs. 288.00,+0.82 per cent), GAIL (India) Ltd. (Rs. 447.00,+0.71 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 294.50,+0.55 per cent), ICICI Bank Ltd. (Rs. 286.00,+0.51 per cent), State Bank of India (Rs. 264.00,+0.44 per cent), among others.

Meanwhile, Tata Steel Ltd. (Rs. 412.00,-3.33 per cent), Tata Motors Ltd. (Rs. 547.35,-2.10 per cent), Tata Consultancy Services Ltd. (Rs. 2400.00,-1.15 per cent), NTPC Ltd. (Rs. 150.00,-0.96 per cent), Cipla Ltd. (Rs. 580.00,-0.86 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 497 shares traded, 306 shares advanced, 137 shares declined while 54 were unchanged.

On the global front, Asian stocks were trading mixed today as latest US manufacturing data bolstered the case for monetary tightening in the near-term. US stocks closed higher in the previous trading session boosted by a flurry of deal making activity and encouraging earning reports.

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