Sensex, Nifty trading flat, cautious ahead of EU summit

BSE and NSE indices give up gains, trading flat on derivatives expiry. BSE index down 0.01 pct at 16,966.

Traders cautious ahead of EU summit and are unwilling to build long positions on risk assets.

Market will now await concrete steps from Prime Minister Manmohan Singh who took charge of the finance ministry on Tuesday and said will take steps to revive economic growth.

Power utility company Tata Power extends gains for a second day on Delhi tariff hike, up 1.23 percent.

State-run banks were under stress a day after the RBI said India banks' growth in deposits and loans was sluggish in the month to June 15.

 

State Bank of India shares fell 1.24 percent, Bank of India falls 0.8 percent.