Markets open flat; Wipro down 4%

Markets have started the trading session on a flat note post yesterday’s record closing. Weak global and continuing unrest in the Middle East and Ukraine have dampened the sentiment of the market participants.

 

By 9:20, the Sensex was lower by 8 points at 26,264 mark and the Nifty declined by 5 points at 7,826 levels.

 

An index of Asian shares pulled away from a three-year high on Friday after a mostly flat day on Wall Street, though a fresh S&P closing record and upbeat US employment data underpinned sentiment. Initial jobless claims declined 19,000 to a seasonally-adjusted 284,000 for the week ended July 19. That was the lowest since February 2006.

 

MSCI's broadest index of Asia-Pacific shares outside Japan was down about 0.1 percent in early trade, though still on track for solid weekly gain, while Japan's Nikkei stock average added 0.4 percent.

 

On Wall Street overnight, the S&P 500 eked out a slight gain to its second record closing high in a row, even after earnings painted a mixed picture of the economy. 

 

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The Union Cabinet on Thursday cleared a Bill to raise the foreign investment ceiling in private insurance companies from 26 per cent to 49 per cent, but inserted a provision that the management and control of these companies must be with Indians. This cap will be composite — both foreign direct investment (FDI) and foreign portfolio investment.

 

Meanwhile, Foreign investors bought Indian shares worth 2.82 billion rupees on Thursday, as per provisional data