Sensex, Nifty open flat; Reliance falls

The Sensex and the Nifty were trading little changed in early trade, despite pressure from Reliance Industries which dropped 2 per cent following its results delivered late on Friday.

The Sensex was trading lower by 14 points, while the Nifty dipped 4 points in early trade. Apart from Reliance the early losers in trade were Tata Steel and Bharat Heavy Electricals Ltd from the Nifty.

Stocks that gained from the Sensex were Mahindra and Mahindra, Hero Motor Corp and Bajaj Auto. L&T was trading firm ahead of its results to be declared later today.

Banking stocks continued to be under pressure with notable losers from the space being Bank of India, ICICI Bank and Dena Bank.

Software stocks which have had a stellar rally in the last few days saw some selling pressure in early trade with notable losers from the space being Tata Consultancy Services, Infosys and HCL Tech.

Fast moving Consumer Goods Company, HUL was trading marginally lower after rallying 15 per cent last week.

Auto stocks were subdued with Mahindra and Mahindra and Maruti Suzuki both trading flat.

Private sector banking shares saw some recovery in their share prices with gainers being IndusInd Bank, Axis Bank, Kotak Mahindra and HDFC Bank.

Meanwhile, markets in Asia were trading flat to negative after rallying last week.

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