Markets drop from highs, US Fed minutes take focus

Mumbai: The stock market dropped by a few notches after a positive start today as the flagship Sensex traded with modest gains amid higher Asian cues.

Asian markets remained buoyant after US stocks scaled fresh peaks overnight. Capital push brought in more investors, who are waiting today for the release of the minutes of US Federal Reserve policy meeting.

The 30-share BSE index was up 61.97 points, or 0.19 percent, at 33,540.32.

The broader NSE Nifty traded flat at 10,330.60.

Tata Motors soared by 1.86 percent. Adani Ports, Bajaj Auto and HDFC were other gainers.

Notable losers include Dr Reddy's, down 1.24 percent, Bharti Airtel 0.79 percent and Sun Pharma (0.57 percent).

Foreign portfolio investors (FPIs) sold shares worth a net Rs 727.01 crore yesterday, as per provisional data. Domestic institutional investors (DIIs) bought equities worth a net Rs 825.50 crore.

Asian markets joined a global rally as strong world growth and rising corporate profits lured hordes of investors into equities.

US stock indices ended at record yesterday on another round of strong earnings, with technology leading the way.