The Indian markets started off the week on a flat note as there were no domestic or global triggers.
The Sensex was at 17578.18, up a marginal 0.12 percent and the Nifty 5324.30, up 0.07 percent.
The Rupee opened up at 55.25 against the dollar.
The Asian markets steadied on Monday but with limited gains on weak data from global economies. But the hopes of stimulus heightened after the weak data from China and the US.
Worries over domestic economy were back in focus after Fitch Ratings said the possibility of downgrading the country’s sovereign rating is more than 50 percent in the next 12-24 months. This is latest in a series of warnings from various institutions about India’s fiscal situation.
Moody’s Analytics had recently said the government has badly lost its way on reforms front.
In the opening session today, oil and gas stocks opened stronger with ONGC gaining close to 3 percent after its Q1 net jumped 48 percent supported by the weaker rupee. The Bank Index opened lower with SBI and ICICI Bank both opening in the red.
The IT, power and the auto indexes were also down in the morning trade.
The Midcap Index also opened flat with some prominent gainers and losers. Kingfisher Airlines opened almost 4 percent higher despite the company reporting a wider loss in the first quarter. Suzlon is also up close to 4 percent ahead of its Q1 numbers.
Stocks in news
Cairn India is up almost a percent after Bank of America Merill Lynch retained a ‘buy’ on the stock.
Maruti Suzuki is up 3 percent as the company is expected to reopen its unrest-hit Manesar plant today.
Deccan Chronicle extended losses and is down 5 percent even after its promoters pledge 28.71 % stake to ICICI Bank.
United Breweries is up almost 6 percent after its Q1 net jumped to Rs 98.64 crore
ONGC is up 3 percent after strong Q1 numbers.