Markets Open Flat; Asian Markets Dip

Business

oi-Sunil Fernandes

By Sunil Fernandes

Published: Wednesday, July 20, 2016, 9:27 [IST]

Benchmark indices opened the day slightly higher, even as Asian markets were trading lower with the Japanese Nikkei leading losers from Asia.

Slightly lower closing across the US markets, following a mixed set of earnings, kept Asian markets in a consolidation phase including India. Sentiments were sour on account of IMF projections, which has cut GDP forecasts, including that of India.

The Sensex was trading with gains of 73 points, while the Nifty was trading higher by 23 points at 8755 points in trade.

Shares in IT companies were exhibiting a very weakish trend following results from Wipro that lagged estimates. Almost every IT company including Infosys, TCS, Mindtree and now Wipro have disappointed with their results.

While Wipro dropped 5 per cent in trade, Infosys was down 1 per cent, while TCS was trading slightly higher by 0.50 per cent.

Banking stocks continued to be in the limelight with ICICI Bank, which had had a solid run in the last few weeks trading flat. PSU banking which saw them be capitalized on Tuesday by the government were trading higher led by gains in Andhra Bank and Union Bank.

Hindustan Unilever, which fell sharply in trade on Tuesday following a poor set of results was trading marginally higher.

Meanwhile, the rupee opened the day flat at 67.23 to the UD dollar. The currency is expected to move in a range through the week.

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