Nifty Opens Flat; Asian Markets Trade Lower

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Benchmark indices opened the day higher in trade after witnessing fall for 4 consecutive trading sessions. The Sensex was trading with gains of 19 points, while the Nifty was up 6 points in trade.

Most of Asia was trading in the negative with the Shanghai Composite, The Hong Kong's Hang Sang and the Korean Kospi trading lower.

Shares in Nestle India dipped 1 per cent after its quarterly numbers were hit badly by the ban on Maggi.

Nifty Opens Flat; Asian Markets Trade Lower
Indices
Sensex26,747.18Sensex Quote52.90 [0.20%]
Nifty8,261.75Nifty Quote14.90 [0.18%]
HCL Technologies was trading marginally lower despite the company's acquisition of PowerObjects, a US-based provider of Microsoft Dynamics.

Dr Reddy's surged in trade after its quarterly numbers beat expectations. Eros Media continued to see heavy selling pressure with the stock down 9 per cent. The stock has fallen from levels of Rs 600 to the current levels of Rs 315.

ICICI Bank was trading higher ahead of its results to be declared later today. However, ITC was down one per cent ahead of its results.

Cipla was up almost one per cent after the company said it would sell its 25 per cent stake in Biomab Holding, a Hong Kong company that makes biosimilar drugs for the Chinese market.

Meanwhile, the rupee was trading weak at 65.25 to the dollar. The currency has remained weak on worries that there maybe an interest rate hike in the US, sometime later this year.

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Read more about: sensex, nifty, eros, cipla
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