Markets open flat, buying support seen in tech

Mumbai: The markets have opened flat in morning trade and turned mildly into choppy mode. Buying support has seen from technology, select capital goods and oil stocks while selling in banking and select power stocks.

Midcap and small cap indices are also flat. The Nifty is still trading below 4300 mark.

At 0956 hrs IST, the Sensex was up 20 points at 14,313 and the Nifty up 10 points at 4,276. Nifty June Futures was trading at 2 points discount and July Futures at 20 points discount.

Amongst frontliners, L&T, Infosys, Hindalco, Reliance Infra, Reliance Petro, NTPC, Unitech, Tata Motors, ONGC, Ranbaxy Labs, DLF, Reliance Ind, BHEL, Cairn, SBI, TCS, Wipro and Satyam have gained while Tata Power, Sterlite Ind, HDFC, Grasim, ICICI Bank, HDFC Bank and Reliance Comm lost ground.

Rane Engine has relisted at Rs 275 after the scheme of arrangement.

Asian markets were trading marginally lower barring Shanghai. Hang Seng was down -0.67 per cent, Nikkei -0.43 per cent, Straits Times -0.3 per cent, Kospi -0.83 per cent, and Taiwan Weighted -1 per cent. However, Shanghai Composite rose 0.3 per cent.

US markets retreated, sending financial shares to their lowest level in five years, on a deteriorating outlook for bank earnings. The Dow Jones industrial average dropped 0.33 points, or less than 0.01 per cent, to 11,842.36. The Standard & Poor's 500 index gained 0.07 points, or 0.01 per cent, to 1,318.00, and the Nasdaq composite index lost 20.35 points, or 0.85 per cent, to 2,385.74.

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