Market open flat to negative, Nifty manages to hold on to 11,000

New Delhi: After two days of rally, markets opened flat to negative on Wednesday led by losses in banking and financial stocks.

The BSE Sensex was trading 2.30 points lower at 37,638.97 in early trade while the NSE Nifty was higher by 7.85 points to 11,113.20.

Markets have seen an upward rally since last Friday after Finance Minister Nirmala Sitharaman announced slew of measures to revive economic growth that included the most awaited rolled back of the enhanced surcharge on foreign portfolio investors (FPIs).

This was followed by announcement by the RBI that it will transfer Rs 1.76 lakh crore surplus to the government.

In the previous session on Tuesday, the Sensex closed at 37,641.27, higher by 147.15 points or 0.39 per cent while the Nifty settled at 47.50 points or 0.43 per cent higher at 11,105.35.

Among Asian peers, Japan`s Nikkei rose 0.15 percent, Australia`s shares climbed 0.13 percent while Korea`s KOSPI was up 0.4 percent. MSCI`s broadest index of Asia-Pacific shares outside Japan fell 0.06 percent, dragged lower by Chinese markets, a Reuters report said.

With Agency Inputs