Markets open on a quiet note

The markets witnessed a subdued opening in today's trading session on back of mixed global cues.The BSE Sensex at 17,170, down five  points and the Nifty at 5,155, down two points.

The US markets, overnight, dropped after Federal Reserve Chairman Ben Bernanke's speech on Thursday. The investors had been expecting Bernanke to hint at ways in which the US recovery can gain momentum. However, Bernanke merely repeated what the world already knew. The inability to assure the investors, saw the US markets lose out. The Dow Jones industrial average ended 119 points lower at 11,296. The S&P 500 shed 13 points at 1,186. The Nasdaq composite gave up 20 points and ended at 2,529.

Meanwhile, United States President, in his speech, spoke of a $447 billion package of tax cuts and new spending to boost hiring in a stalled job market.

However, the Asian markets are witnessing flat trades with the Shanghai Composite and Hand Seng indices almost unchanged and the Nikkei down 0.2%.

On Thursday, the Foreign Institutional Investors were net buyers of Rs 14 crore in cash and the Domestic Institutional Investors were net sellers of Rs 267 crore.

Stocks listed on the Nasdaq underperformed because of the prevalent weakness in the the US and European markets. Tata Communications, Tata Motors, Dr Reddy's and MTNL shed nearly 1-2% each. HDFC Bank was almost unchanged, while Patni Computers was the top gainer, up 2%.

Back home, Bharti Airtel is the top gainer on the Sensex at Rs 406, up 2%. Other prominent gainers among the Sensex 30 stocks include Coal India, Hindustan Unilever, Baja Auto and HDFC. On the other hand, Sterlite Industries, Hindalco Industries, Infosys, Tata Steel and Reliance Industries, down 1-2% each, are the major losers on the Sensex.

Among the sectoral indices, BSE Metal, IT and Oil & Gas indices are the major laggards.
BSE Metal is at 12,648, down nearly a per cent. sterlite Industries, Hindalco Industries, Tata Steel and SAIL are the among the top losers on the Sensex, down 1-2% each.

The overall market breadth is positive as 1,303 stocks have advanced against 411 declining ones.