Market flat ahead of inflation data, Wipro down on Nifty removal

Indian markets opened on a flattish note as investors are cautious ahead of the January headline inflation data release today. India's wholesale price index ( headline inflation)likely moderated to its lowest level in more than three years in January, helped by a slower rise in prices of manufactured goods, which should give policymakers more leeway to revive a slowing economy.

According to a CNBC-TV18 poll, it is seen slightly lower at 7% compared to 7.18% in December. The core inflation data is also seen declining to 4% vs 4.2% last month.

Reuters

Reuters

Despite opening positive, the Sensex slipped into red and is currently down 0.01 percent at 19606, while the Nifty is down 0.09 percent at 5927.

RIL, Infosys, TCS, NTPC, Tata Steel, BHEL, Coal India, Hero MotoCorp, ONGC, Bajaj Auto, Hindalco Inds, Mahindra & Mahindra are among gainers in Sensex and Nifty.

Wipro, Bharti Airtel, Sun Pharma, Tata Power, ICICI Bank,Dr Reddys Lab, Tata Motors, Maruti Suzuki, Sterlite Inds, SBI are among losers in Sensex and Nifty.

Wipro shares extended falls to 2 percent after reports suggested that it will be dropped from the National Stock Exchange's benchmark index Nifty from April 1.

Some important results of companies like SBI , DLF, DRL, GAIL, Tata Motors , GVK Power, HCL Infosystem, HDIL, India Cements, IVRCL, Lakshmi Vilas Bank, LIC Housing Finance, Suzlon Energy, Welcorp, Wockhardt, etc are expected later in the day.

Meanwhile, Sebi asked banks to freeze accounts and seize properties of Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC).

State-run oil companies plan to raise petrol price by Re 1 per litre and diesel by 50 paise a litre if they get the informal nod of oil minister Veerappa Moily.

Increasing the import duty on gold alone will not help bridge the country's trade deficit, Commerce Minister Anand Sharma said even as Finance Ministry and RBI have been taking steps to discourage imports of the precious metal.