Markets Open Flat; Asian Stocks Rally

Benchmark indices gained marginal ground in trade taking cues from across Asia where markets opened higher on hopes of a Japanese stimulus.

HDFC Bank was trading flat ahead of its results to be declared later today. ITC too was flat ahead of its results.

IT stocks which have not had a very good session in the last few days, were trading mixed. Wipro saw marginal gains along with infosys while TCS was trading lower. Most brokerages have had a selll call on select IT stocks.

Shares in VRL Logistics jumped upto 15 per cent, after the company said that it was not venturing into the airline business.

Shares in KPIT Tech Systems rallied 5 per cent, despite the company reporting a 35 per cent drop in its EBITDA earnings.

Neyveli Lignite too gained ground after the Cabinet approved the company's Uttar Pradesh power project.

In Asia markets rallied after hopes of a fresh stimulus in Japan. The Japanese Nikkei was up 1.2 per cent on hopes of a 20 trillion yen stimulus in the supplementary budget.

Meanwhile, the rupee was steady once again in trade at 67.22 to the US dollar.

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