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Markets open flat in early trade

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Dion Global

09 Jan 2017

The key domestic benchmark indices opened flat in the morning trading session tracking mixed cues from fellow Asian peers, as oil prices fell sharply on Monday, while Indian Central Statistics Office lowered India’s economic growth estimate to 7.1 per cent.

The upcoming budget and assembly elections in UP, Punjab, Uttarakhand, Goa and Manipur would be key event to watch for which will set future direction for markets.

At 09:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 26782.67 up by 23.44 points or by 0.09 per cent, while the NSE Nifty was at 8246.10 points, trading higher by 2.3 points or by 0.03 per cent.

The top gainers of the BSE Sensex pack were Axis Bank Ltd. (Rs. 459.70,+1.06 per cent), Hero MotoCorp Ltd. (Rs. 3100.00,+1.02 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 204.50,+1.01 per cent), Housing Development Finance Corporation Ltd. (Rs. 1233.00,+0.89 per cent), Tata Steel Ltd. (Rs. 423.20,+0.83 per cent), among others.

Meanwhile, Bharti Airtel Ltd. (Rs. 317.10,-0.88 per cent), Larsen & Toubro Ltd. (Rs. 1391.00,-0.01 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 386 shares traded, 281 shares advanced, 76 shares declined while 29 were unchanged.

On the global front, Asian stocks were trading mixed today while the US markets closed on a higher note in the previous trading session as gains in the technology, industrials and healthcare sectors led shares higher.