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Sensex, Nifty open flat; BPCL gains

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Sensex, Nifty open flat; BPCL gains
Indices
The Sensex and the Nifty opened the day flat with the Sensex losing 23 points in trade, while the Nifty fell 8 points to trade marginally above the 6700 levels.

Software stocks were trading subdued once again in trade despite reports of sizeable orders for Indian software companies likely from Bharti Airtel.

 

Banking stocks were also weak after reports that the RBI has asked banks not to charge customers who are not maintaining minimum balance in their accounts.

Stocks of ICICI Bank, Yes Bank and IndusInd Bank were all lower in trade. PSU banking stocks which have rallied substantially in the last few days were also down in trade. Among the losers in trade were Canara Bank, Syndicate Bank and Union Bank of India.

Metal stocks continued to see some selling pressure with the likes of Tata Steel, Hindalco and Sesa Sterlite among the losers. The early Nifty gainers in trade were Cipla, Cairn India, ONGC and Sun Pharma.

BPCL was trading higher on reports that the country's second-biggest state refiner, plans to invest Rs 1,419 crore in replacing an old crude processing unit.

Mid cap stocks were also having a good day in trade with notable winners being Godrej, Siemens and UPL. However, stocks like JSW Energy and Bata lost ground.

Meanwhile, most of Asia was trading with losses led by Korea's Seoul Composite and the Hong Kong's Hang Sang. Indian markets are expected to trade in a range until the outcome of the election results are known.

GoodReturns.in

Story first published: Wednesday, May 7, 2014, 9:35 [IST]
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