Markets open on flat note

ITC, TCS marginally in red ahead of results

Markets have opened in the red, following cues from global peers. The Sensex is down 24 points at 18,768 in morning trades. Nifty is down 11 points at 5,708.

U.S. stocks dropped on data showing weekly initial jobless claims were more than expected. Dow slipped 8 points while Nasdaq shed 31 points.

In Asia, markets traded in red. Nikkei shed 27 point. However Hang Seng added 47 points to 21,565.75 on the reported gross domestic product for the July-September quarter.

BSE consumer durables in up 0.7% at 7,356, followed by realty and healthcare. On the other hand, BSE oil & gas index is down 0.26% at 8,481. Metal and auto shares are also showing weakness.

ICICI Bank is the top gainer among Sensex stocks - up 0.7% at Rs 1,072. Bajaj Auto, Dr Reddy's and Wipro are up 0.5% each. ITC is up marginally at Rs 292 ahead of its results today.

TCS is also flat at Rs 1,302. The IT major is set to announce its quarterly numbers later today.

Jindal Steel and HUL have shed 0.8% each to Rs 414 and Rs 571, respectively. Bharti Airtel, Tata Power, Sun Pharma and HDFC are some of the other key losers in the index today.

From individual stocks,Tata group firm Indian Hotels Company will make an offer to acquire US-based Orient Express Hotels, which owns a chain of luxury hotels in US and Europe. Shares of Indian Hotels have slumped 4% to Rs 67.

MTNL has slipped 1.2% after the state-owned telecom firm, along with BSNL, said they will not participate in the spectrum auction to be held in November.

BSE market breadth is positive. Out of 1,551 stocks traded, 861 shares advanced while 616 shares have declined in trades.