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Markets Trade Flat; Eye Lok Sabha Functioning
Benchmark indices opened the day flat, ahead of a likely stormy debate in the Lok Sabha on tolerance. The Sensex was trading with gains of 21 points, while the Nifty was trading with gains of 2 points, with most Asian markets trading flat.
Shares in Reliance Industries was lower after reports that it the company facing a 40 per cent cut in the marketing margin it charges on selling its KG-D6 gas to fertilizer and LPG plants.
Early gainers were Bharat Heavy, ICICI Bank, Axis Bank, Bank of Baroda and Tata Motors. Software stocks were under some early pressure with Infosys and TCS among the early losers,
Amtek Auto fell a huge 4 per cent after the company reported a huge losses of Rs 987 crores. Midcap stocks were trading with good gains with stocks like Reliance, GMR Infra, Union Bank and TVS Motors among the gainers.
Asian markets were mostly trading lower with the Korean Kospi, Shanghai Composite and the Japanese Nikkei all lower in trade.
Meanwhile, the rupee was trading at 66.85 to the US dollar.
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