Markets Open Flat; Tata Group Stocks Hit Following Mistry's Exit

Benchmark indices were trading higher, as Asian cues remained strong, following good overnight closings from the US. Most Asian markets were higher, except the Korean Kospi, which dropped after economic data from Korea was not too encouraging.

The Sensex was trading with gains of 2 points, while the Nifty gained 2 points in trade. Tata group shares were in focus today after Cyrus Mistry was replaced as the Chairman of Tata Sons, by Ratan Tata, as an interim Chairman, till a successor has been found.

Tata Steel was the worst affected among the Tata group stocks, with the shares falling a huge 3 per cent in trade. Other Tata group stocks that lost ground were Tata Motors and TCS, though the latter did not lose too much. Tata Global Beverages saw cuts of 2 per cent, while Tata Power was also down 2 per cent in trade.

Idea Cellular shares were trading lower by 1.65 per cent, after the company saw its net profits drop. Shares in Reliance Capital on the other hand was trading steady, after the company reported a steady quarterly numbers.

Meanwhile, markets will witness the IPO of PNB which is slated to open today. In commodities gold was trading marginally lower by 0.2 per cent, while crude dropped marginally.

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