 "Sensex flat on subdued global cues, Wipro is the star performer")
Indian markets opened absolutely flat this morning on subdued global cues.After the BSE Sensex last week posted its biggest gain infour to end at 21,063.62, the experts are also not ruling outsome profit-booking. Trends in investment by ForeignInstitutional Investors, movement in global markets and therupee trajectory would be keenly watched for cues, they added.
While BSE Sensex opened16 points higher at 21071, Nifty was up 1 point at 6262The Nifty continues to attempt to cross the resistance of 6,350.
Globally,Asian markets were also in the red.China’s economy grew just slightly better than expectations in the October-December quarter. China’s gross domestic product was 7.7% higher than a year earlier.In US, more than 60 S&P 500 companies are scheduled to release results this week.
[caption id=“attachment_1260665” align=“alignleft” width=“380”]  Reuters[/caption]
So far earnings season back home has been a mixed bag with both Infy and HCL Tech surprising on the positive side. HCL Tech’s Q2F6/14 operational performance was a comprehensive beat both in quantitative and qualitative terms. Axis Bank and TCS failed to enthuse the street.
Shares of RIL were in the red after it announced its numbers on Friday while IT major Wipro was the star performer today. The stock opened 2 percent higher. India’s third largest-largest IT services exporter last week reported a 27 percent increase in quarterly profit, beating estimates.
UltraTech, which reports results today, is the top Nifty loser; the stock is down 1.8 percent.
Top Nifty losers include Axis Bank, RIL and L&T.
Top Sensex gainers are Wipro, HUL and BHEL
“Corporate earnings from Pharma, PSU, Banking and CapitalGoods sectors will be important to watch from the currentlevels. We expect the markets to consolidate at current levelswith resistance at 6,350 on the upside while 6,150-6,100 willbe a strong support on the downside,” said Jayant Manglik,President-Retail Distribution, Religare Securities.
Results Today: Ultratech Cement, Asian Paints, Emami, Aptech, Century Plyboards, Dewan Housing, Kajaria Ceramics, Sasken Comm, Supreme Petrochem, Tata Metaliks, V-Guard, VST Industries
“Overall trend of Nifty is still looking bullish onchart, if it manages to cross its next resistance mark of6,360 further upward movement can be expected,” said VivekGupta, Director Research, CapitalVia Global Research Limited.
Caution is likely to prevail ahead of the Reserve Bank’spolicy review on January 28. RBI kept the repo rate unchangedafter its last policy review in December and investors expectan encore this month after inflation showed signs of easing.Jignesh Chaudhary, Head of Research, Veracity BrokingServices: “Markets are keenly awaiting the interest ratedecision by the RBI. We expect the Sensex to trade in therange of 20,620 to 21,700 and Nifty to trade in the range of6,150 to 6,350 levels in the coming week.”
Besides the RBI policy, traders said news flow leading tothe US Federal Open Market Committee two-day meeting (January28 and 29) will also be keenly watched by equity marketinvestors in the coming weeks.
With inputs from PTI
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