Benchmark indices opened the day flat, following a tentative start across Asia, after Italian Prime Minister Matteo Renzi, lost a referendum to reform the Italian constitution and resigned. There are worries that this could push the country into a fresh political crisis and is a major worry for Italian banks.

The Sensex opened the day flat with losses of 26 points, while the Nifty opened the day lower by 2 points.

Dr Reddy's was the top index gainer in trade. Mahindra and Mahindra also gained ground after reports that it was de-merging the subsidiary of the company.

Shares in NMDC jumped 3 per cent, after the company raised the price of iron ore fines. Among the non index stocks, Peninsula Land was the star after reports that the company plans to sell parcels of land to reduce its debt by Rs 800 crores. The stock was up almost 8 per cent in trade at Rs 15.60.

Shares in Dredging Corporation slumped after the company reported a net loss for the quarter ending Sept 30, 2016, against a net profit.

Meanwhile, the rupee opened strong at 68.14 to the US Dollar.

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