Markets Open Flat; ITC Surges 5.5%

Benchmark indices opened the day flat, even as shares in ITC surged 5%.

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Benchmark indices opened the day flat, even as global markets were having a quiet session.

The markets have been falling for the last few days on persistent selling by Foreign Portfolio Investors on worries of the outcome of the US Presidential elections.

Markets Open Flat; ITC Surges 5.5%
There were worries that the US Fed would hike interest rates in the coming months, which has been playing on the markets.

The Sensex was trading lower by 1 point, while the lost 2 points in trade. Shares in ITC gained a huge five and half per cent and the heavyweight managed to pull the markets higher, after analysts felt that the damage to the company's bottomline through taxes would not be too heavy after the implementation of the GST.

Colgate and HUL also rallied on positive news from the GST, that their porducts will be taxed at lower rates.

Shares in Sun Pharma continued to grind lower. The stock fell to a fresh 52-week low of Rs 616. The stock had already fallen to a 52-week  on Thursday. Almost all of the pharma stocks dropped sharply. Sun Pharma (down 7 per cent), Dr Reddys (down 4 per cent) and Aurobindo Pharma (down 4.5 per cent).

L&T shares fell after a block deal. The stock was down 3 per cent in trade. Meanwhile, the rupee opened trade at 66.70 to the US dollar.

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Read more about: itc, sun pharma
Story first published: Friday, November 4, 2016, 9:30 [IST]
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