Sensex, Nifty open on flat note; Yes Bank, Coal India major gainers

Indian equity indices opened on a flat note on Friday (January 24), with the 30-share BSE Sensex down 65.19 points or 0.16% at 41321.21, while the broader Nifty also down 16.70 points or 0.14% at 12163.70. Major gainers on the indices include Yes Bank, Coal India, Zee Entertainment, ICICI Bank, Axis Bank, while Power Grid, Adani Gas, Biocon, and PNB Housing are major losers. 

Notably, Indian rupee today opened lower at 71.33 per dollar versus Thursday's close of 71.26.

On Thursday, market benchmark index Sensex rose by 271 points following gains in banking and energy stocks despite a massive sell-off in global equities. The 30-share BSE Sensex settled 271.02 points, or 0.66 per cent, higher at 41,386.40, while the broader NSE Nifty gained 73.45 points, or 0.61 per cent, to end at 12,180.35, ending its four-day losing streak.

Meanwhile, stocks made a barely positive start in early Asian trade on Friday after the world`s health body called it a little too early to declare a coronavirus outbreak a global emergency. But worries over the rapid spread of the deadly virus kept investors on guard as millions of Chinese travel during the Lunar New Year holiday period.

MSCI`s broadest index of Asia-Pacific shares outside Japan rose a marginal 0.1%, while Japan`s Nikkei stood flat and Australian stocks added 0.4%. Trade in Asia is already slowing down for the Lunar New Year holiday, with financial markets in China, Taiwan, and South Korea closed on Friday.

Key indices on Wall Street bounced from lows after the World Health Organisation (WHO) said the latest coronavirus did not yet constitute a global public health emergency.

The Nasdaq Composite rose 0.2% to a record closing high, while the S&P 500 added 0.1% and the Dow Jones Industrial Average eased 0.1%.

In the currency market, the concerns about the virus supported the yen. The Japanese currency traded at 109.53 yen per dollar , having risen to a two-week high of 109.26 on Thursday.

The euro fell to a seven-week low versus the dollar of $1.1036 overnight after the European Central Bank left its policy rates unchanged but President Christine Lagarde struck a slightly dovish tone than some had expected.

US West Texas Intermediate (WTI) crude futures were up a marginal 0.05% at $55.61 a barrel, after hitting $54.77 in the previous session, the lowest level since November 20.

(With Agency Inputs)