Indices Flat At Open; Nifty Near 13700 Points; ONGC Top Gainer

As progess on US bail-out package gathered momentum and pushed the US Nasdaq index to a record high in overnight trade, Indian indices started trade on a subdued note with a positive bias. At 9:18 am, Nifty was up by 12 points at 13695 while Sensex gained 19 points or 0.04% to 46685.

Indices Flat At Open; Nifty Near 13700 Points; ONGC Top Gainer

In early trade, top Nifty gainers have been ONGC, HDFC Life, HDFC, Shree Cements, and Hindalco while losers are Power Grid, Titan Company, Asian Paints, HUL and JSW Steel.

Sugar stocks will be in focus today after the Union cabinet on Wednesday approved Rs. 3500 crore subsidy for sugar farmers and Rs 6,000 per tonne subsidy for sugar exports to be given for 60 lakh tonnes sugar exports.

Jubilant Foodworks launched its Biryani brand 'Ekdum', the stock gained over 2% in early trade.

Hero Motocorp shares moved after the company late Wednesday said it will hike price of all its vehicles by up to Rs. 1500 beginning January 1, 2021. The stock was up marginally.

Spicejet, Interglobe Aviation were all trading in the red by over 1% after the ATF price was hiked a sharp 6.3 percent.

At the time of writing this copy, Asian indices traded mixed with Japan and Hong Kong's indices up and South Korea's Kospi down.

Oil prices hit a nine month high today on optimism of a possible US relief package dole-out after the US policymakers on Wednesday said it would adhered to its policy of low interest rates. Also the US government data showed that crude stockpiles fell last week. Brent crude futures surged by 28 cents, or 0.6 per cent, to $51.36 a barrel, their highest since early March.

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