Markets open flat in early trade
13/03/2018 09:18

The key domestic benchmark indices opened flat in the morning trading session tracking muted cues and mixed trend across the Asian markets.

On the economy front, investor may react to macro data as the industrial productivity expanded to 7.5 per cent in January, while retail inflation eases to 4-month low of 4.4 per cent in February. Meanwhile, core inflation remains elevated at above 5 per cent, paving little space for the RBI to ease the interest rate.

On the corporate front, shares of Reliance Infratel will remain in focus as the National Company Law Tribunal (NCLT) stayed the sale of company’s assets to Reliance Jio Infocomm (RJio) as per a debt resolution plan approved by lenders in December 2017.

Among others, shares of Bharti Airtel will see some movement as the board of the company has approved raising of about Rs 165 billion which will be used for refinancing of existing debt and spectrum liabilities.

At 09:20 a.m the Bombay Stock Exchange bellwether Sensex was trading at 33953.63 up by 35.69 points or by 0.11 per cent, while the NSE Nifty was at 10429.50 up by 8.10 points or by 0.08 per cent.

The top gainers of the BSE Sensex pack were Adani Ports & Special Economic Zone Ltd. (Rs. 390.00,+1.02 per cent), Wipro Ltd. (Rs. 293.50,+0.95 per cent), Bajaj Auto Ltd. (Rs. 2979.00,+0.64 per cent), Housing Development Finance Corporation Ltd. (Rs. 1860.00,+0.27 per cent), Bharti Airtel Ltd. (Rs. 421.50,+0.18 per cent), among others.

Meanwhile, Tata Consultancy Services Ltd. (Rs. 2928.00,-4.06 per cent), Infosys Ltd. (Rs. 1175.50,-0.87 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 182.10,-0.84 per cent), YES Bank Ltd. (Rs. 309.00,-0.79 per cent), Maruti Suzuki India Ltd. (Rs. 8771.00,-0.46 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 493 shares traded, shares advanced were 228 while 219 shares declined and 46 were unchanged.

On the global front, Asian stocks were trading mixed as the proposed implementation of US tariffs on steel and aluminium hit regional steel producers, while the Wall Street closed lower in the previous trading session as the U.S. tariffs signed into law last week by President Donald Trump weighed on industrials.