Sensex Opens Flat; Asian Markets Subdued

Business

oi-Sunil Fernandes

By Sunil Fernandes

Updated: Thursday, September 8, 2016, 9:33 [IST]

Benchmark indices opened the day flat, even as Asian markets were subdued following the release of the US Fed's Beige Book. The book which reveals the pace of growth in the US economy, revealed a slow pace of wage growth in the US.

The rupee too opened strong at 66.37 to the US dollar, even as heavy buying by Foreign institutional Investors, have pushed the markets higher in the last 1 -month.

The Sensex was trading with losses of 6 points, while the Nifty was up 4 points in trade.

Shares in TCS were seeing heavy losses after the company said that it will update on Q2 business trends.

Most analysts are expecting some negative news inflow, which is why the TCS stock shed a huge 6 per cent in trade.

All other IT stocks fell in trade, with major losses coming from HCL Tech and Infosys.

Bhel, which had a spectacular rally, following a good set of results on Wednesday, saw some selling pressure. The stock was trading 2 per cent lower.

Shares in banking stocks, which had a spectacular rally on Wednesday, managed to hold steady.

Yes Bank, however fell, after the company launched its qualified institutional placement to boost capital requirement at the bank.

Meanwhile, most Asian markets were subdued in traded, down marginally. These included the Japanese Nikkei, the Hang Sang and the Korean Kospi.

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