Markets open flat; auto stocks continue to rally post budget

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Markets open flat; auto stocks continue to rally post budget
Markets opened the day flat and were little changed over Monday's levels, though auto stocks continued to rally, following the excise cut in the Interim Budget.

The Sensex was trading with a gain of six points, while the Nifty gained three points in early trade. Auto stocks like Mahindra and Mahindra and Maruti were trading higher.

Other Nifty gainers in trade were Cipla, HDFC, Grasim and Ultratech Cement. Nifty stocks that saw some selling pressure in trade were DLF, Bharti Airtel and ONGC.

Tata Motors was trading flat after the company said that it will cut the prices of certain products after the Finance Minister announced a cut in excise duty on automobiles.

NTPC was marginally up after the board of the company approved the 1,320-MW thermal power plant at Katwa in West Bengal.

GlaxoSmithKline Pharmaceuticals was trading flat at Rs 3015, ahead of the parent company's voluntary open offer which starts today.

Banking stocks which saw smart gains on Monday lost ground in early trade. Among the losers were ICICI Bank, HDFC Bank and Yes Bank. Mid cap stocks were having a good session in trade with JSW Steel, Adani and Andhra Bank among the early gainers.

Meanwhile, markets across Asia were trading flat to positive. The Japanese Nikkei and the Jakarta Composite were trading with gains, while the Shanghai Composite declined in early trade.

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