Sensex, Nifty trade flat; Tata Motors stock rebounds

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Sensex, Nifty trade flat; Tata Motors stock rebounds
Benchmark indices were trading flat, after opening lower in early trade, as global cues remained quiet. The Sensex was trading lower by 17 points, while the Nifty was down 12 points in early trade. Leading the set of gainers on the Nifty was Tata Motors which recovered ground after falling sharply on Friday, following reports that the company may reduce the prices of its vehicles in China.

Other Nifty losers in trade were Coal India, DLF, HDFC, Lupin and ICICI Bank. Reliance Power was trading higher after reports that the company was set to buy JP's Hydro units.

Shares in Repco Home Finance dropped after reports that the Reserve Bank of India has disallowed foreign funds from buying shares of the company. Indian Overseas Bank was trading higher by 2 per cent after the company reported a sharp increase in net profits. Other PSU banks were also trading higher with select banks like Bank of Baroda set to announce their results later today. Central Bank of India jumped 10 per cent after the company reported a superb turnaround in operations.

Mid cap stocks were trading higher with India Cements leading gainers on the bourses along with Petronet LNG, Union Bank and Adani Power. Real estate stocks on the other hand saw some selling pressure with Oberoi Realty, Sobha Developers and Indiabulls among the losers.

Meanwhile, markets across Asia were trading marginally higher with gains noted in the Hong Kong's Hang Sang and the Japanese Nikkei.

Story first published: Monday, July 28, 2014, 10:19 [IST]
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