Markets Open Flat; Tata Motors Slumps 5% Post results

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, February 6, 2015, 9:27 [IST]

Benchmark indices opened the day flat as Tata Motors fell a huge 5 per cent post its results. The Sensex was trading lower by 26 points, while the Nifty fell 11 points in early trade.

PSU banking stocks continued their downward slife after a string of poor financial performances from Indian Overseas Bank, Punjab National Bank, Bank of Baroda and Union Bank of India. All of these stocks were down between 1-2 per cent.

Other Nifty stocks that fell in trade were Gail, Ultatech Cement and Sun Pharma. Software stocks continued to see buying interest with Infosys and TCS among the gainers. HDFC Bank was trading flat after the issuance of price for its share sale.

Shares in Cairn India rallied a huge 3 per cent, while other oil and gas stocks like ONGC also saw gains on the back of rising crude prices.

Midcap stocks were having a quiet session in trade with JSW Energy and Voltas seeing some traction in early morning trades.

Meanwhile, markets across Asia were trading higher, though the Shanghai Composite and the Straits Times were marginally down. US markets saw strong closings overnight on the back of some positive surprises on the results front.

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