Markets open on a flat note
Nifty opens higher by 19 points at 5,122
Markets have opened on a flat note on the back of subdued cues from the global markets. The Sensex has opened higher by 67 points at 16,926 and the 50-share Nifty has opened higher by 19 points at 5,122 levels.
Overnight, the US stocks surged Tuesday on hopes that the Federal Reserve will agree to extend stimulus measures. The Dow Jones industrial average gained 0.8% and the Standard & Poor's 500 Index advanced nearly 1%.
The Asian markets were also trading on a flat note. The Hang Seng was up 0.4% at 19,489, Taiwan Weighted advanced 0.2% to 7,289 and Nikkei jumped 0.7% to 8,722 levels.
Back home, Tata Motors is the top gainer among the Sensex stocks, up 1.4% at Rs 241. Jindal Steel, Sterlite Industries, BHEL, Larsen & Toubro, Tata Steel, Mahindra & Mahindra and Tata Power have also opened higher by 0.6-1.2% each in trades today.
On the other hand, ITC, Maruti Suzuki, index heavyweight Reliance Industries, TCS, Hero MotoCorp, Bajaj Auto and Infosys have opened lower.
On the sectoral front, the BSE metal index is the top gainer. The index has advanced 0.75% or 86 points to 10,391 levels. Consumer durables, capital goods, auto, healthcare and oil & gas indices have opened in the green, up 0.2-0.6% each.
Shares cement manufacturing companies are under pressure in opening trades ahead of Competition Commission of India (CCI) order accusing top cement companies of creating a cartel.
“Top 11 companies by revenue are likely to face penal action, of 8% of their average sales in the past three years, which might cost the cement makers 40-60% of their net profits for the latest accounting year,” the reports suggests.
Among the individual stocks, Ambuja Cements, ACC, UltraTech Cement, Grasim Industries, India Cements and Madras Cements are trading lower by 1-5% in opening trades on the Bombay Stock Exchange.
The broader markets have also opened in-line with the benchmark indices. The BSE mid-cap and small-cap indices have advanced 0.3% each in the opening deals.
The overall breadth is positive as 798 stocks are advancing while 362 are declining.