Markets open flat, ignore weak global cues

Metal, bank and auto stocks gain

Markets opened on a flat note this morning with the Sensex up 28 points at 19,609 and the Nifty added 12 points to start at 5,950.

The broader markets started off on a weak note with the midcap and the smallcap indices down 0.1% each underperforming the Sensex which was marginally positive in the opening trades.

Overnight, in US,stocks declined on Thursday, taking a step back from their recent advance.

The euro currency dropped against the safe-haven dollar and yen, spurring a retreat from risky assets such as stocks, after European Central Bank President Mario Draghi said the exchange rate was important to growth and price stability. Investors took that as a sign the bank is concerned about the euro's advance and its effect on the region's economy.

Asian shares were capped on Friday after European Central Bank President Mario Draghi noted risks still facing the euro zone economy, turning investor sentiment more cautious ahead of Chinese trade data for January due out during the session.

Among the sectoral indices, Auto, Consumer Durables, Capital Goods have started with gains between 0.1-0.7%. Meanwhile, Oil & Gas, PSU, Metal, FMCG, Bankex, Power and Health Care had a negative start, losing 0.1-0.4%.

Auto names like Tata Motors, Bajaj Auto and Mahindra & Mahindra up 1-1.5% were the top gainers among the Sensex stocks. The other notable ones were Sun Pharma, HDFC, Jindal Steel, TCS, Wipro and  L&T up 0.4-0.6%.

Among the losers were Cipla, Coal India, ICICI Bank, Sterlite and Reliance Industries down 0.7-1%. Infosys, NTPC and Tata Steel down 0.4% each were the other major losers.

The market breadth was marginally negative. 699 stocks declined while 653 stocks advanced on the BSE.