Indices Open Flat On Mixed Global Cues

Indian indices in line with gains on the SGX Nifty opened higher for the sixth consecutive day today. But soon pared gains to trade flat, at 09:16 IST, the Sensex was up 38.72 points or 0.08% at 47,651.80, and the Nifty was up 11.10 points or 0.08% at 13,943.70. Broader markets underperformed headline indices with Nifty Midcap 100 trading weak by 0.64%.

Indices Open Flat On Mixed Global Cues

Bank Nifty and financial stocks traded weak after the RBI's report said banks' financials may come under pressure on higher NPAs (as close to 40% of the outstanding loans are under RBI's allowed moratorium) and muted income growth as gradually Covid 19 related relaxations are being lifted up.

Among top gainers in early trade are stocks like UPL, HCL Tech, Coal India, ONGC and ITC, while laggards include Tata Motors, SBI, HDFC, Hindalco and GAIL.

The RBI may red-flag the Rs 5,500-crore zero-coupon bonds issued towards recapitalising (recap) Punjab and Sind Bank (P&SB) in its current form. The scrip traded weak by 0.75%.

HDFC Bank scrip traded firm with minor gains as sources suggest that former Economic Affairs Secretary Atanu Chakraborty is likely to be the next Chairperson of tHDFC Bank. He would replace Shyamala Gopinath, who will complete her tenure in January.

Meanwhile, Asian indices at the time of writing this copy traded mixed with Nikkei down while Hang Seng and Singapore's Straits Times up up to more than 1%.

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