Sensex Opens Flat; Asian Markets Mixed As Crude Tumbles

Business

oi-Sunil Fernandes

By Sunil Fernandes

Published: Friday, July 8, 2016, 9:29 [IST]

Benchmark indices opened the day flat, even as Asian markets were mixed and the US markets closed lower after the drop in crude prices.

Crude oil prices tumbled in trade after US stock piles fell much lesser than anticipated. There was a drop of near 4 per cent in crude oil prices, which led to a drop in the US stock markets.

In Asia the Japanese Nikkei 225 was up 0.25 percent; while across the Korean Kospi and the Singapore's Strait Times were marginally down in trade.

The Sensex was trading with losses of 24 points, while the Nifty dropped - points in trade.

Shares in DLF were up almost 2 per cent after reports that India's largest real estate developer has shortlisted six potential buyers for 40% stake of the promoters in its rental arm DLF Cyber City Developers.

Shares in DB Corp and Jagaran Prakashan were trading higher after reports that the government was considering a proposal to hike the Foreign Direct Investment in local newspapers.

Telecom stocks were trading weak, after reports that the Department of Telecom, is preparing to slap demand notices to the tune of around Rs.12,500 crore on at least six telecom firms for under reporting revenues.

Bharti Airtel, Idea and RCOM all fell in trade.

Meanwhile, the rupee opened at 67.25 to the US dollar, which was almost flat over Thursday's close.

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