Markets open flat in trade; OMCs dip

Commentary

oi-Sunil

By Sunil Fernandes

Published: Wednesday, September 25, 2013, 9:31 [IST]

Markets opened the day quiet in trade on steady global cues. The Sensex was trading marginally higher by 10 points, while the Nifty gained 4 points in trade.

Oil Marketing Companies saw a sharp drop in their share prices after the government decided against any hike in diesel prices. BPCL was down 2.36 per cent, while HPCL also shed ground.

Top Nifty gainers in trade were Tata Motors, Tata Power, DLF and Bharat Heavy Electricals.

Realty stocks were having a good day in trade after reports that, Blackstone, has agreed to buy out a 3.6-million-sqft IT SEZ in Gurgaon, partly owned by Unitech, for 2,600 crore.

Other realty stocks that gained were DB Realty and Phoenix Mills.

Crisis-hit KFA rallied another 10% in trade today, after its Chairman Vijay Mallya said that the company was in talks with a foreign investor for potential stake sale.

Top Nifty losers in trade today were Coal India, Ultratech Cement and Dr Reddy's Labs.

Banking stocks which have been hammered following the monetary policy review were trading flat. Consumer durables company Videocon Industries was trading higher after the company announced an open offer price of Rs 177 for its shares.

Meanwhile, markets in Asia were having a quiet day of trade. The Hong Kong's Hang Sang and China's Shanghai Composite were trading marginally higher, while the Seoul Composite and the Singapore's Strait Times lost ground.

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