Markets open flat; Bhel slides after results

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 Markets open flat; Bhel slides after results
Markets opened the day flat with a slight positive bias, though heavy selling pressure in Coal India and Bhel, following a poor set of results put pressure on the indices.

The Nifty was trading higher by 5 points, while the Sensex was up by 35 points in trade. Apart from Bhel and Coal India, the other stocks that declined in trade were Grasim, Tata Power and NMDC.

Technology stocks continued to do well with TCS and HCL Tech among the gainers, while Infosys lost marginally in trade.

Grasim which reported a disappointing set of numbers was down 2 per cent in early trade. Financial Technologies, which lost heavy ground following worries over default in payments by NSEL, a company in which it is a shareholder, required ground and was last trading at Rs 153.30 on the National Stock Exchange.

PSU banking stocks saw relentless selling pressure once again with Syndicate Bank, IDBI Bank, Allahabad Bank and Canara Bank losing ground.

Shares in Tata Motors were trading higher ahead of its results to be declared later today. Private sector banking names continued to grind lower with ICICI Bank and HDFC Bank among the losers. Wockhardt continued to be locked at the lower end of the circuit filter and was down 5% again today.

Gitanjali Gems was also locked at the lower end of the circuit filter once again.

Meanwhile, markets in Asia were trading mixed with the Chinese Shanghai Composite and the Hong Kong's Hang Sang gaining ground while Singapore's Strait Times and Korean Kospi lost ground.

Read more about: sensex, nifty
Story first published: Monday, August 5, 2013, 9:35 [IST]
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