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Sensex Trades Flat; Reliance Drops Post Results

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Benchmark indices dropped in trade, even as Asian markets were trading lower, as global cues remained weak. The Sensex was trading with losses of 3 points, while the Nifty was down 1 point in trade.

Sensex Trades Flat; Reliance Drops Post Results
Leading the set of losers in trade were oil and gas stocks including the likes of ONGC and Tata Steel.
 

Reliance Industries fell, despite reporting a good set of numbers. Leading the winners were stocks like Bajaj Auto, Bharti Airtel, Dr Reddy's, Infosys and TCS. IT stocks saw some buying support as the rupee weakened against the US dollar.

Shares in Cairn India dropped a huge 4 per cent, after the company posted weak numbers. Ultratech Cement and ABB were trading higher ahead of their numbers to be declared later today.

Midcap stocks saw some buying interest with the index gaining as much as 1 per cent. Other notable gainers from the space were Dish TV and Voltas.

Shares in Eros Media, which has seen its price collapse from Rs 600 to Rs 158, jumped for a third day in a row. The stock was up 4 per cent again today.

Meanwhile, the rupee was trading lower at 66.65 to the US dollar. Most Asian markets were trading with losses and moved in a narrow range in the absence of any major triggers.

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