Markets open flat amidst weak global cues

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Markets open flat amidst weak global cues
Markets opened the day flat amidst weak global cues, after the Dow Jones fell sharply following comments by the Atlanta Fed President that the US Fed would continue to taper off QE3 should all go as expected.

The Sensex was trading marginally lower by 19 points, while the Nifty was trading 3 points lower in trade. Among the top losers in trade were Tata Power, Maruti Suzuki, Wipro and ONGCAmong the top Nifty gainers were Sesa Sterlite, Coal India and Larsen. Heavyweight, ITC rallied after reports that the company had hiked prices of a certain brand of cigarettes.

Larsen and Toubro continued to gain buying support at lower levels. Software stocks which had rallied substantially in trade saw some selling pressure. On Monday, most of the software stocks including TCS, Infosys, Wipro and HCL Tech had hit the upper end of the circuit filter.

Banking stocks were trading strong in trade after CPI inflation came in lower than expected, raising hopes that the RBI may not raise interest rates at its next policy meet. Among the banking stocks that rallied in trade were IndusInd Bank, Yes Bank and ICICI Bank.

Heavyweight, Reliance Industries which gained substantially in trade on Monday following notification of new gas pricing, continued to find buyers and was trading higher. Maruti continued to lose ground for a second day in a row.
Meanwhile, markets across Asia were trading sharply lower following weak global cues. The Japanese Nikkei was down more than 3 per cent in trade.

Story first published: Tuesday, January 14, 2014, 9:34 [IST]
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