Markets Trade Flat, ONGC Gains Post Results

Benchmark indices were trading flat, even as global cues were subdued with Asian markets trading mixed. Overnight, the US markets saw record closings for both the NASDAQ and the S&P 500.

The Sensex was trading higher by 10 points, while the Nifty was up 5 points in early trade. Shares in on ONGC gained after the company reported a 84.7 per cent decline in consolidated net profit for the quarter ended June to Rs 1,090 crore.

HeroMoto Corp also saw its shares gain after the company reported good August sales numbers.

"Signaling a positive turn-around for the two-wheeler industry, which is a strong driver of the domestic economy, the Company sold 584,456 units of motorcycles and scooters in the month of August 2020, a growth of 7.55% over the corresponding month of the previous year (August 2019) when it sold 543,406 units," the company said in a statement.

Banking stocks were in the limelight ahead of the Supreme Court hearing on Wednesday with regards to the interest being charged by lenders on deferred EMIs of term loans following the lifting of the moratorium. Banking stocks were trading mixed with ICICI Bank gaining ground, while HDFC Bank and Axis Bank were among the early losers. Nifty stocks that gained were Bharti Infratel, Zee Entertainment and ONGC.