The markets have opened on a flat note this morning, tracking cues from Asian peers. The Sensex is down 95 points at 17,828. Nifty is down 35 points at 5,394.
In the week to February 24, the Sensex ended at 17,924, down 366 points or 2 per cent and the Nifty ended at 5,429 levels, down 135 points or 2.4 per cent. Among the sectoral indices, BSE Realty, Bankex and Capital Goods indices were the worst affected, having declined 5 – 7 per cent each.
Analysts expect most Asian markets to trade mixed with little movement during the current week. While the rising price of oil may support the energy sector, its unsettling impact on consumers is likely to offset the upside, they say.
Most of the sectoral indices have dropped into the red today. BSE realty index has slipped 2.5% to 1,879. Capital goods, consumer durables and banking shares are also showing weakness in opening deals.
ICICI Bank is the key dragger among Sensex stocks, and along with Larsen & Toubro, accounts for a 60 point drop in the Sensex. DLF has slipped 3% to Rs 220. BHEL, Hero MotoCorp and Mahindra & Mahindra are in red. Meanwhile, ONGC has added 1%, followed by Sun Pharma, ITC and HUL.
Among individual stocks, Vedanta Resources, the holding company of Sesa Goa and Sterlite Industries, has decided to merge the two companies. Sterlite has jumped 1.3% to Rs 120 after this news. Sesa Goa however, has slumped 7% in trades.
Glenmark Pharmaceuticals on Saturday said it had issued a voluntary nationwide recall in the US for seven lots of its oral contraceptive tablets due to a packaging error. The stock is down 1.3% at Rs 309.
