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Markets trading flat; global cues support

Markets trading flat; global cues support
Markets opened the day higher in line with global peers, but soon lost ground to trade virtually unchanged over Wednesday's levels.

The Sensex was trading higher by 12 points, while the Nifty gained 3 points at 9.30 am IST.

Shares of ACC were trading higher ahead of its results to be declared later today. Shares of telecom stocks were weak following the Telecom Commission's decision that all spectrum given to operators in the 900-MHz band would be re-farmed to the 1,800-MHz band at the time of renewal of licences, beginning 2014.

Bharti Airtel was down 1.70%, while Idea Cellular was down 1.3% and Reliance Communications 1%. Shares of heavyweight ITC was up 0.50%, after the company said it will stick to its Rs 10,000-crore investment plan for setting up luxury hotels across the country.

Shares of Kingfisher Airlines was down 4.5% after the company said it would extend the October 20 deadline to resume operations.

Among the top gainers from the Nifty stocks were Ambuja Cements, DLF, ICICI Bank and Tata Motors. Nifty stocks that saw losses included Grasim, Infosys and Jindal Steel.

Meanwhile, markets in Asia were trading higher following strong overnight closings in US and Europe. The Japanese Nikkei, Hong Kong's Hang Sang and Singapore's Strait Times were all trading in the green.

Read more about: sensex nifty
Story first published: Thursday, October 18, 2012, 9:31 [IST]
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