Markets Open Flat In Early Trade: Sensex Below 32,000 Points

Posted By: Religare
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    Key domestic benchmark indices opened flat in the morning trading session despite firm cues and positive trading across Asian markets.

    The investors reacted to earnings of Tata Consultancy Services which was largely below market estimates due to wage hikes and currency headwinds.

    Markets Open Flat In Early Trade: Sensex Below 32,000 Points
    On the economy front, Prime Minister Narendra Modi will hold a meeting today to review the country's foreign direct investment policy to further ease investment norms, which is likely to boost foreign inflows in the market.

    Investors are expected to keep an eye on wholesale price index (WPI) for June which will be released today after consumer price index (CPI)-based inflation slipped to record low, putting pressure on the Reserve Bank of India to cut the policy interest rate in August.

    At 09:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 32030.31 down by 7.07 points or by 0.02 per cent, while the NSE Nifty was at 9887.40 points, trading lower by 4.30 points or by 0.04 per cent. Infosys was up 1 per cent post its quarterly numbers and was trading at Rs 989.

    The top gainers of the BSE Sensex pack were Mahindra & Mahindra Ltd. (Rs. 1405.00,+2.50 per cent), Infosys Ltd. (Rs. 1000.00,+2.43 per cent), Power Grid Corporation of India Ltd. (Rs. 217.50,+1.12 per cent), Dr. Reddy's Laboratories Ltd. (Rs. 2714.80,+0.80 per cent), ICICI Bank Ltd. (Rs. 299.80,+0.69 per cent), among others.

    Meanwhile, Tata Consultancy Services Ltd. (Rs. 2389.00,-2.25 per cent), Housing Development Finance Corporation Ltd. (Rs. 1640.00,-0.98 per cent), Tata Motors Ltd. (Rs. 274.30,-0.54 per cent), Maruti Suzuki India Ltd. (Rs. 7550.10,-0.21 per cent), HDFC Bank Ltd. (Rs. 1679.00,-0.13 per cent), were among the top losers on BSE.

    The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 1020 shares traded, 647 shares advanced, 328 shares declined while 45 were unchanged.

    On the global front, Asian stocks were trading higher today as investors awaited US inflation data and earnings from some of America"s biggest banks., while the Wall Street closed higher in the previous trading session with financials rising ahead of profit reports due Friday from several big US banks.

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