Markets Trade Flat, Bank Nifty Underperforms

It was a day of flat openings for the Indian markets, with global markets witnessing a rather quiet day.

The Sensex was trading with gains losses of 2 points, while the Nifty was lower by 3 points.

Shares in Bandhan Bank were trading higher after the RBI granted approval for re-appointment of Chandra Shekhar Ghosh, Managing Director & Chief Executive Officer of the bank, for a period of three years, with effect from July 10, 2021.

Shares in Engineers India fell after the company reported lower net profit at Rs 24.92 crore in Q4FY21 against Rs 119.68 crore in Q4FY20. The stock was down more than 4%.

Wonderla Holidays too saw its shares dip after the company reported loss of Rs 4.87 crore in the last quarter of 2021 against profit of Rs 1.56 crore in Q4FY20.

Banking stocks were under performing for the second day in a row as investors continued to worry over quarterly numbers going ahead. The Bank Nifty was down 0.50%. Among the Nifty losers were Shree Cements, Britannia Industries, ICICI Bank, Ultratech and Grasim Industries.

ONGC and SBI Life were among the top gainers from the Nifty space. Analysts expect the markets to trade in a narrow range in the absence of any triggers.