 "Shares flat as mood dismal after IIP; Bharti up; rupee rises")
The Indian stock markets opened flat todayon lack of any domestic triggers after the fall in factory output data for June dampened sentiment on Thursday.
The Sensex opened 14 points lower at17,546.75 and the Nifty 7 points at 5316. On Thursday, the indices closed xx percent down. The IIP for June contracted 1.8 percent, the government data showed earlier in the day, as against estimates of a 1 percent growth.
The Rupee opened higher at 55.43 against the dollar, despite oil importers’ dollar demand.
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After hitting a three-month high, the Asian markets fell today as investors made the most of the four day rally and booked profit. Reuters[/caption]
After hitting a three-month high, the Asian markets fell today as investors made the most of the four day rally and booked profit. Investors wait for some implementation to come out of stimulus hopes in the eurozone and China.
The markets saw a further fall from yesterday and most sectoral indices except IT and FMCG were down. Among the frontline stocks, Bharti Airtel firmed up with an almost 2 percent rise. The stock hit a six-year low after poor earnings show. TCS and ONGC both gained a percent in the opening trade.
The Midcap index also opened flat with a mixed bunch of gainers and losers, mostly in reaction to earnings. Tech Mahindra was up over 3 percent, one of the more prominent gainers in the Midcap Index. GMR Infra, IFCI and Bombay Dyeing opened lower.
Stocks in News
Cairn India gained more than half a percent today after falling 3 percent after news of the company CEO Rahul Dhir stepping down.
Bombay Dyeinglost 2 percent after it lost the mill battle in Supreme Court.
Bharti Airtel opened with 2 percent gains after the stock lost almost 12 percent post its earnings.
SBI is marginally up ahead of its numbers although investment bank UBS downgraded the stock.
Ranbaxy is down over 2 percent after it reported a loss of Rs 580 crore for the quarter.