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Markets End Flat; Reliance Industries Rallies Ahead Of Results

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Benchmark indices ended the day higher in trade, led by gains in Reliance Industries, ahead of its results to be declared later today. Global cues too were strong with the Dow Jones Futures pointing to higher openings, while the European markets were trading significantly higher.

The Sensex ended the day with gains of 12 points, while the Nifty ended the day lower by 3 points. Shares in IndusInd continued to head lower for the third straight day, following its quarterly numbers. The shares ended 2 per cent lower in trade.

Markets End Flat; Reliance Industries Rallies Ahead Of Results
 

Shares in banking stocks were weak in trade with State Bank of India and HDFC Bank both lower. Bharti Airtel surged 5 per cent in trade and was the top Nifty gainer following the Supreme Court rejecting a review of its order that put Rs 1.47 lakh crore liability of past dues on telecom firms. Analysts believe that Vodafone Idea's ability to compete in the Indian market is likely to weaken and this will provide an opportunity for Bharti Airtel.

Shares in Yes Bank fell after Moody's Investors Service placed Yes Bank's long-term foreign currency issuer rating of B2 under review. Meanwhile, most European markets were trading with gains led by the German DAX and the UK's FTSE.

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